On a warm Saturday morning in July, as Kathie Leonard planned to set out on her boat for a day on the water off the coast of Maine, her phone rang. The call was from the head of the Maine Department of Economic and Community Development, asking if Auburn Manufacturing — the specialized textiles maker Leonard runs — would be interested in hosting “the president” in the coming week.

At first she replied, “President of what?” Leonard. Then the Maine official clarified she was referring to President Joe Biden.

“I was like, ‘Really? Is this a true call? Leonard said. Eventually, I was convinced and said yes, of course. A chance like this can’t be turned down.”

At Auburn Manufacturing, about an hour north of Portland, Biden praised the success of his economic agenda, pointing to manufacturers’ increasing investment in construction projects as proof. Biden has much to celebrate in the growth of blue-collar jobs. Despite business surveys showing softening consumer demand, manufacturers spent 71% more on construction in July than a year earlier, according to Commerce Department data.

However, the good times may not last. Several days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Ahead of the US central bank’s historic inflation battle, it is unclear how much the rate hikes will affect the economy as the battle enters its final phases. Economic experts argue that fiscal largesse has provided an unshakable boost to manufacturing in recent years.

Leonard is confident that his company could weather a recession.