The manufacturing data is broadly bullish but carries a significant asterisk due to signs of a slowdown.

“So to me, I mean, this feels like broadly bullish with an asterisk.”

The manufacturing sector is facing significant challenges, including a lack of new orders, tariff impacts that businesses cannot fully pass on, and deteriorating margins.

“manufacturing is not happy about tariffs uh lack of uh inability to price to pass on tariff impacts uh lower sales order activity and Um, decreasing margins and uh lower comps, manufacturing.”