Watch on YouTube:  https://youtu.be/rTuIIrp5h4M

In this episode, I look at the November Services PMI report and explain why a sharp drop in New Orders—despite overall growth—sends a mixed message about the economy’s true momentum.

Also in this episode:

📉 Business activity is up, but hiring remains cautious, showing a disconnect in confidence.
📦 Inventories rise and supplier deliveries slow, suggesting firms are prepping for demand.
⏳ Backlogs spike 8.3 points, hinting at capacity constraints or a demand mismatch.
🔥 Prices remain high across most industries, despite a slight pullback from October.

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