With ‘hard’ data showing resilience into year-end, ‘soft’ survey data has cratered (not helped by the government shutdown)… Source: Bloomberg …and this morning brings more weakness as S&P Global’s US Manufacturing PMI (final print for December) dipped to 51.8 – its lowest since July (the only contractionary – sub-50- month of 2025)… Source: Bloomberg The latest survey showed a weaker gain in production, amid a renewed contraction in new order books – the first in exactly a year. International sales continued to fall, in part linked to tariffs, which also continued to push up operating expenses at an elevated pace. That said, although remaining historically elevated, both input and output prices rose at their slowest rates for 11 months.   “Although manufacturers continued to ramp up production in December, suggesting the goods producing sector will have contributed to further robust economic growth in the fourth quarter, prospects for the start of 2026 are looking less rosy,” according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. “Something of a Wiley E Coyote scenario has …