The US manufacturing sector needs help: ISM Manufacturing PMI fell -0.5 points in November, to 48.2, the lowest in 4 months. This marks the 9th consecutive month below 50.0, signaling ongoing contraction. New orders dropped -2.0 points, to 47.4, the lowest since July, suggesting more weakness ahead. The employment index also declined -2.0 points, to 44.0, posting its 10th consecutive monthly contraction. Meanwhile, prices paid increased +0.5 points, to 58.5, snapping a 4-month streak of declines. US manufacturing is feeling the effects of stagflation.