Part 4/9:
The Journal of Manufacturing and Services PMI figures from S&P Global reinforce the narrative of economic slowdown. The services index has fallen below the critical threshold of 50, indicating a contraction in service sector activity for the first time in over a decade. This decline mirrors the lackluster retail sales reports, painting a picture of a consumer landscape that was artificially buoyed by frontloaded demand in late 2024 and is now dissipating.