The end of year bull market closed out 2019 on a high note. The major indices all had up years with some having their best performance since 2013. But with that said, U.S. manufacturing is still contracting, continuing a trend that has been in place since August 2019. U.S. manufacturing based on the ISM Manufacturing PMI has been trending down since November 2018. This has pointed to a slowing U.S. manufacturing sector. There is an expectation of a recovery and expansion in the manufacturing sector. Recent PMI data has indicated stabilization and growth in a few industries. But the majority of industries are still experiencing contraction due to a lack of new orders. The recently published December 2019 report indicated a PMI value of 47.2 indicating that U.S. manufacturing is still contracting for the fifth consecutive month.