Last week’s data provided investors with a clearer sense of an economy that is still progressing but slowing at the margins, with steady activity in some areas and renewed caution in others.

Last week’s data reinforced a familiar theme: inflation is cooling, the labor market is stabilizing, and the consumer is becoming more selective.

This week’s data offered a mix of momentum and moderation. Manufacturing activity improved, but labor indicators softened, and price pressures — especially in services — remained elevated.

Economic data released this week continued to show a U.S. economy growing at a steady, though gradually moderating, pace.

Markets spent the week sifting through economic data still distorted by the lingering effects of last year’s federal shutdown.

Economic indicators over the recent period delivered a mixed but informative set of signals. The ISM Manufacturing Purchasing Managers’ Index (PMI) came in slightly worse than expected at 47.9% versus 48.3% expected, marking the tenth straight month of contraction and the lowest reading of 2025.

Economic indicators over the recent period provide a nuanced view of U.S. conditions as the year closed. Crude oil inventories showed mixed results at the end of the year, with a small increase followed by a decline. However, product stockpiles — like gasoline and distillates — rose sharply, reinforcing the view that supply remains ample.

It was a shortened week due to the Christmas holiday, but several key economic reports were released that provided a snapshot of current conditions.

Last week’s economic data offered a concentrated look at a U.S. economy in transition, with headline numbers masking deeper shifts beneath the surface.