2026 START VERY UNCERTAIN IN THE UNITED STATES 2/3

The latest leading indicators highlight a persistent two-speed economy. The ISM manufacturing index slipped to 48.2 in November, with new orders falling to 47.4, signaling an accelerating deterioration in industrial demand. While the services index showed resilience at 52.6, industrial employment hit yearly lows as factories reduced headcount to protect margins. This divide confirms that the services engine is increasingly burdened by a manufacturing sector searching for its bottom.