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  "notes": "The chart highlights a divergence where new orders are improving while the headline survey remains in contraction.",
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      "text": "New orders showing improvement... while headline survey remains in contraction. Recovery in 2025?",
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      "text": "ISM manufacturing (LH), ISM new orders/inventory ratio 3-mo moving average (RH)",
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      "text": "While not yet visible ex-U.S., new orders have started to pick up in the U.S. as evidenced by the improvement in the ISM new orders/inventories ratio. Continued strength in new orders could suggest a gradual recovery in the headline manufacturing survey, which has been stuck below 50 for 25 of the past 26 months.",
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      "text": "Source: Bloomberg, MSIM. As of December 31, 2024. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "New Orders/Inventories Ratio Signal Potential U.S. Manufacturing Recovery",
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