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ISM Manufacturing PMI shows a deepening contraction

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ISM Manufacturing PMI falls to lowest level since 2009, excl. the pandemic. Recession risk still high. ADP payrolls growth slows. Revised data shows more weakness in small businesses. But job openings jump at yearend, as labor market is still too tight, hindering the Fed's efforts to reduce inflation. Construction spending falls. Mortgage applications pull back.

Ned Davis Research | Economics | U.S. Daily Economic Perspectives | Daily

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