Manufacturing activity continues its downward slide, marking the ninth consecutive month of contraction according to the latest index reading. This extended period of weakness raises questions about the broader economic trajectory and what it might mean for risk assets. When production slumps persist this long, it typically signals deeper structural issues rather than just temporary headwinds. For traders watching macro conditions, these manufacturing numbers often serve as a leading indicator—foreshadowing shifts in employment, consumer spending, and eventually, market sentiment. Nine months is no longer a blip; it's a trend that deserves attention.