Wool is everywhere, from knitting magazines to wool shops to clubs and klatches. A quick look at any popular online decorating blog will tell you that one of the must-have items for your house is a Hudson Bay blanket, that familiar white wool bed cover striped with bands of blue, yellow, red, and green stripes. A walk past any hipster-owned boutique shows a window full of wool products. Wool is what’s hot.

So, surely the wool industry in North America can’t be doing that badly. Is it?