U.S. factory activity contracted in December, capping off a tumultuous year for American manufacturers amid the tariff turmoil. The ISM Manufacturing PMI fell 0.3 pts to 47.9 at the end of 2025, the lowest level since October 2024. Production slipped 0.4 pts to 51.0, while the new orders has now held below the 50-mark for the past four months. Meanwhile, the employment index stayed in contraction mode for an eleventh straight month. And, the prices paid index remained at a still-elevated 58.5, suggesting stirring price pressures. Not great. Many respondents highlighted the fact that it was a lacklustre year for ... (full story)