ISM manufacturing gauge missed forecast for December
Speakers
Rick Santelli
— On-Air Editor, CNBC Business News
Summary
Rick Santelli reviews the December ISM manufacturing report, which missed forecasts at 47.9 and marked a tenth consecutive sub-50 reading. The details showed sticky prices paid, contraction in new orders, and weak but slightly improved employment. He also notes rates are modestly lower but still elevated, with the 10-year Treasury testing the top of its range.
- December ISM manufacturing PMI came in at 47.9, below the expected 48.5.
- The reading was the 10th consecutive month below 50 and the lowest since October 2024.
- Prices paid remained sticky at 58.5.
- New orders were 47.7, still in contraction territory.
- Employment was 44.9, below 50 for an 11th straight month but above the prior reading.
- Interest rates were slightly lower but remained elevated, with the 10-year Treasury testing the top of its range.
Ideas
10-year yield tests top of range
Interest rates are down slightly but remain down from elevated areas, and the 10-year Treasury has been testing the top of its range for an extended period. That keeps the rates setup worth monitoring because yields are still near the upper end of their range despite the softer ISM manufacturing data.
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This CNBC video, published January 05, 2026, features Rick Santelli discussing 10-Year Treasury Yield. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Rick Santelli · Tickers: 10-Year Treasury Yield