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The ISM's November manufacturing report released Monday contracted for the fourth straight month.

Why it matters: It's an unexpected decline as most industry watchers expected the reading to rise. Surveys have shown manufacturing output declining for more than a year.

  • The ISM index sits at 48.1 for November. Anything under 50 on the reading indicates that manufacturing activity is declining.
  • Manufacturing has added just 2,000 net jobs in 2019, Barron's notes. That's due not only to a slowing pace of job growth from 2018's 264,000 manufacturing jobs added, but also to net job losses the past two months, including 36,000 net job losses in October.

Of note: China's manufacturing data has been steadily improving with a private and a government survey both showing the sector growing more than expected last month. This was after six straight months of the government's metric showing contraction.

The big picture: The most important piece of U.S. manufacturing data will likely not be the ISM's reading — it will be the Labor Department's November U.S. nonfarm payrolls report on Friday.

Go deeper:

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
9 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.