November's manufacturing data paints a concerning picture. The ISM Manufacturing PMI slipped to 48.2, missing the 49.0 forecast and dropping below October's 48.7 reading. What's more telling? New orders tumbled to 47.4 from 49.4 previously—a clear sign of weakening demand. Meanwhile, the prices paid component climbed to 58.5 versus 58.0 last month, suggesting inflationary pressures persist. Employment took a harder hit, falling to 44.0 from 46.0 prior.

This PMI contraction (anything below 50 signals shrinkage) could ripple through risk assets. For crypto traders watching macro signals, deteriorating manufacturing data often precedes broader liquidity concerns. Worth noting: when employment components slide this sharply, central bank policy shifts typically follow within quarters.