November ISM Manufacturing data just dropped—and it's looking shaky across the board.

The headline index came in at 48.2, down from 48.7 last month. Analysts were expecting 49.0, so this misses the mark. Anything below 50 signals contraction, and we've been stuck there for a while now.

New orders? 47.4. That's a slide from 49.4. Not great when orders are supposed to drive future activity.

Employment took a hit too—44.0 versus 46.0 prior. Factories are clearly pulling back on hiring.

The one number that ticked up? Prices paid: 58.5, compared to 58.0 last month. Estimates were 59.5, so it came in cooler than expected, but still elevated. Inflation pressures aren't gone yet.

Weak demand, softer employment, sticky costs—this combo keeps the Fed's hands full. And for risk assets? Data like this can shift sentiment fast.