Advisors on This Week’s Show Dave Sandstrom Mike Hoelzl John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 1-5, 2025) Significant Economic Indicators & Reports Monday The manufacturing industry shrank in November for the ninth month in a row and the 35th time in 37 months, according to the Institute for Supply Management. The trade group said manufacturers continued to complain about tariffs, prices and uncertainty as supplier deliveries and new orders grew. Employment sank. A rare bright spot was a slight increase in production. Based on past history, the index suggests the U.S. economy is growing at an annual rate of 1.7%. Because of the federal government shutdown in October and the first couple of weeks in November, the Commerce Department did not releasee its scheduled report on construction spending. Tuesday No major releases Wednesday Industrial production in the U.S. grew by 0.1% in September, rising for the third time in four months, the Federal Reserve reported. Production of consumer goods fell, led by automotive. The output of consumer goods declined for the second quarter in a row, at an annual pace of 0.6%, according to the Fed. Industries were using 75.9% of their production capacity, which was below the 50-year average of 79.5%, suggesting a lack of inflationary pressure. The service sector showed signs of an emerging recovery in November, according to the Institute for Supply Management. The trade group’s ISM services index signaled expansion for the second month in a row, reaching a reading of 52.6, compared to its 12-month average of 51.7. The ISM noted that the average is the lowest since August 2024 and the second lowest since mid-2010. Supply managers surveyed for the index said higher tariffs and the federal government shutdown are upsetting both demand and costs. Thursday The Bureau of Economic Analysis failed to report on the U.S. trade gap for October, as scheduled, because of the 43-day federal government shutdown. The four-week moving average of initial unemployment claims fell for the third week in a row, the fifth time in six weeks, to its lowest level since January. The numbers continued to suggest an overall reluctance to let workers go. Data from the Labor Department put the moving average at 41% below its 58-year average. Just over 1.8 million Americans claimed unemployment benefits in the latest week, up 3.2% from the week before, and 4%