Susan Spence breaks down the ISM Manufacturing PMI after the October report missed estimates. “We were not surprised” by the number falling, she notes, “We are in contraction in all the subindexes.” She adds that for every positive comment, they have one and a half negative ones, with over 50% of panelists citing tariffs. For a trend reversal, she’s watching if New Orders can move upwards for several months.

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