Loss of momentum isn’t just happening in the US, it is very well synchronized globally with practically the same pattern showing up everywhere. Updates from neighbors Canada and Mexico show a deepening downturn at the end of last year, especially Mexico putting up its deepest contraction since April. Over in Europe, Germany fell back bringing Italy down with it. Plus, global bellwether Switzerland experienced its own “unexpectedly” sharp setback. 

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SPG Canada Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/78c6ddcb80cf4ef0b14fc9dc3c091c86

SPG Mexico Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/47f22c8de61b4d54965a25c3d3c417ca

SPG Germany Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/bd3c462f68704c5ea1613f2fce2879fd

SPG Italy Manu
https://www.pmi.spglobal.com/Public/Home/PressRelease/be3b992b4ebb4b4db3030abaff5e0bc5

Bloomberg Swiss Manufacturing Contracted More Than Anticipated in December
https://www.bloomberg.com/news/articles/2026-01-05/swiss-manufacturing-contracted-more-than-anticipated-in-december

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