Manufacturing's getting thinner. Only 12 industries growing in September, down from 15. Electrical equipment and metals still expanding, but printing and textiles contracting.
This isn't a collapse—it's erosion. The kind you don't notice until you look back six months later and realize the ground shifted beneath you.
Breadth matters more than headlines. When fewer sectors participate, rallies get fragile and downturns get deeper. Watch the edges, not just the averages.
This isn't a collapse—it's erosion. The kind you don't notice until you look back six months later and realize the ground shifted beneath you.
Breadth matters more than headlines. When fewer sectors participate, rallies get fragile and downturns get deeper. Watch the edges, not just the averages.
