Kevin Warsh’s Fed Will End the War on Main Street and Trucking

The December 2025 ISM reading came in at 47.9, the lowest of the year. New orders contracted for the fourth straight month. The employment sub-index showed manufacturing jobs declining for 11 consecutive months.That’s how many consecutive months the ISM Manufacturing PMI spent in contraction territory, from November 2022 through December 2024. It was the longest manufacturing contraction streak on record. Through December 2025, the index remained in contraction for nine more months, bringing the total to 35 ...