Do full order books protect against a recession?

For almost three years, the pandemic has prevented industrial companies from producing in normal conditions because of shortages of inputs and supply-chain disruptions. Meanwhile, demand for manufactured goods has surged causing inflation to rise. Lately, supply constraints have largely corrected and demand has become more hesitant. Backlogs of orders are historically high. At first sight, the outlook for production seems protected. However, in a highly uncertain situation, espec...