Services continue to carry the load/The partisan differential in consumer confidence

The November US manufacturing and services PMI rose to 55.3 from 54.1 and again solely led by the services side of the economy. Services rose to 57 from 55 while manufacturing remains in contraction at 48.8 vs 48.5 in the month before. 

Much of the increase in confidence was "attributed to the prospect of lower interest rates, improved economic growth, and more supportive business policies from the new administration in 2025."

If there is one thing we've seen however since the Fed started cutting rates is that not all rates along the yield curve are created equal and that hoped for lowering of the cost of capital is just not taking place and if the Fed is not careful from here, long rates will continue higher I believe. 

The internals even with services were mixed. On the labor market, "A steepening rate of payroll reduction in the services economy was partly offset, however, by a rise in manufacturing jobs for the first time in four months."