US manufacturing slows in November as high prices curb demand

 Rep. Marjorie Taylor Greene of Georgia, a loyal supporter-turned-critic of President Donald Trump who faced his political retribution if she sought reelection, said Friday she is resigning from Congress in January.

Greene, in a more than 10-minute video posted online, explained her decision and said she didn’t want her congressional district “to have to endure a hurtful and hateful primary against me by the president we all fought for,” she said.

Greene’s resignation followed a public falling-out with Trump in recent months, as the congresswoman criticized him for his stance on files related to Jeffrey Epstein, along with foreign policy and health care.

Trump branded her a “traitor” and “wacky” and said he would endorse a challenger against her when she ran for reelection next year.

She said her last day would be Jan. 5, 2026.

The White House did not immediately respond to a message seeking comment Friday night.

In a brief phone call Friday night, Trump told ABC News that Greene’s resignation is “great news for the country.” He said he had no plans to speak with Greene but wishes her well.

Greene was one of the most vocal and visible supporters of Trump’s Make America Great Again politics, and she embraced some of his unapologetic political style.

Her break with him was a notable fissure in his grip over conservatives, particularly his most ardent base. But her decision to step down in the face of his opposition put her on the same track as many of the more moderate establishment Republicans before her who went crosswise with Trump.

The congresswoman, who recorded the video announcing her resignation while sitting in her living room wearing a cross necklace and with a Christmas tree and a peace lily plant behind her, said, “My life is filled with happiness, and my true convictions remain unchanged, because my self-worth is not defined by a man, but instead by God.”

Greene had been closely tied to the Republican president since she launched her political career five years ago.

In her video on Friday, she underscored her longtime loyalty to Trump except on a few issues, and said it was “unfair and wrong” that he attacked her for disagreeing.

“Loyalty should be a two-way street and we should be able to vote our conscience and represent our district’s interest, because our job title is literally ‘representative,’” she said.

Greene swept to office at the forefront of Trump’s MAGA movement and quickly became a lightning rod on Capitol Hill for her often beyond-mainstream views. In her video on Friday, Greene said she had “always been despised in Washington, D.C., and just never fit in.”

As she embraced the QAnon conspiracy theory and appeared with white supremacists, Greene was initially opposed by party leaders but welcomed by Trump. He called her “a real WINNER!”

Yet over time she proved a deft legislator, having aligned herself with then-GOP leader Kevin McCarthy, who would go on to become House speaker. She was a trusted voice on the right flank until McCarthy was ousted in 2023.

While there has been an onslaught of lawmakers from both parties heading for the exits ahead of next fall’s midterm elections, as the House struggles through an often chaotic session, Greene’s announced retirement will ripple throughout the ranks — and raise questions about her next moves.

Greene was first elected to the House in 2020. She initially planned to run in a competitive district in northern Atlanta’s suburbs, but relocated to the much more conservative 14th District in Georgia’s northwest corner.

The opening in her district means Republican Gov. Brian Kemp will have to set a special election date within 10 days of Greene’s resignation. Such a special election would fill out the remainder of Greene’s term through January 2027. Those elections could take place before the party primaries in May for the next two-year term.

Even before her election, Greene showed a penchant for harsh rhetoric and conspiracy theories, suggesting a 2017 mass shooting in Las Vegas was a coordinated attack to spur support for new gun restrictions. In 2018, she endorsed the idea that the U.S. government perpetrated the attacks on Sept. 11, 2001, and mused that a “so-called” plane had hit the Pentagon.

Greene argued in 2019 that Reps. Ilhan Omar, D-Minn., and Rashida Tlaib, D-Mich., both Muslim women, weren’t “official” members of Congress because they used Qurans rather than Bibles in their swearing-in ceremonies.

She was once a sympathizer with QAnon, an online network that believes a global cabal of Satan-worshipping cannibals, including U.S. government leaders, operates a child sex trafficking ring. She eventually distanced herself, saying she got “sucked into some of the things I had seen on the internet.”

During the pandemic, she drew backlash and apologized for comparing the wearing of safety masks to the horrors of the Holocaust.

She also drew ridicule and condemnation after a conspiracy she speculated about on Facebook in 2018, in which she suggested a California wildfire may have been caused by “lasers or blue beams of light” controlled by a left-wing cabal tied to a prominent Jewish family.

When Trump was out of power between his first and second terms, Greene was often a surrogate for his views and brash style in Washington.

While then-President Joe Biden delivered his State of the Union address in 2022, Greene stood up and began chanting “Build the wall,” referring to the U.S.-Mexico border wall that Trump began in his first term.

Last year, when Biden gave his last State of the Union address, Greene again drew attention as she confronted him over border security and the killing of a nursing student from Georgia, Laken Riley, by an immigrant in the country illegally.

Greene, wearing a red MAGA hat and a T-shirt about Riley, handed the president a button that said “Say Her Name.” The congresswoman then shouted that at the president midway through his speech.

Frustration with the GOP

But this year, her first serving with Trump in the White House, cracks began to appear slowly in her steadfast support — before it broke wide open.

Greene’s discontent dates back at least to May, when she announced she wouldn’t run for the Senate against Democratic incumbent Jon Ossoff, while attacking GOP donors and consultants who feared she couldn’t win.

Greene’s restlessness only intensified in July, when she announced she wouldn’t run for Georgia governor, either.

She was also frustrated with the Republican leadership on Capitol Hill, which worked in lockstep with the president.

Greene said in her video that “the legislature has been mostly sidelined” since Republicans took unified control of Washington in January, and her bills “just sit collecting dust.”

“That’s how it is for most members of Congress’ bills,” she said. “The speaker never brings them to the floor for a vote.”

Messages left with House Speaker Mike Johnson’s office were not immediately returned.

Republicans will likely lose the midterms elections next year, Greene said, and then she’d “be expected to defend the president against impeachment after he hatefully dumped tens of millions of dollars against me and tried to destroy me.”

“It’s all so absurd and completely unserious,” she said. “I refuse to be a battered wife hoping it all goes away and gets better.”

  U.S. factory activity slowed to a four-month low in November as higher prices because of tariffs on imports restrained demand, leading to a piling up of unsold goods that could hinder growth in the overall economy.

Relief for manufacturers is unlikely to come soon, as the University of Michigan's Surveys of Consumers separately showed on Friday a sharp drop in buying conditions for long-lasting manufactured goods. The University of Michigan noted that "consumers remain frustrated about the persistence of high prices and weakening incomes."

President Donald Trump's sweeping import duties have raised prices, straining household budgets, especially for lower- and middle-income consumers. A robust stock market boosted spending for higher-income households, creating what economists called a K-shaped economy. But a recent sell-off has hurt confidence among wealthy Americans, and could restrain their spending.

"What's going to happen is that people at the low end of the income spectrum will probably not spend very much," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University. "And given the uncertainty in the stock market, this is going to hurt even the spending of wealthier people, especially retirees."

S&P Global said its flash U.S. manufacturing PMI slipped to 51.9 this month from 52.5 in October. A reading above 50 indicates growth in the manufacturing sector, which accounts for 10.2% of the economy. Trump has defended his protectionist trade policy as necessary to help revive the manufacturing industry.

Economists polled by Reuters had forecast the manufacturing PMI at 52.0. The survey's measure of new orders received by factories dropped to 51.3 from 54.0 in October, while inventory was the highest in the survey's history.

"Manufacturers reported a worrying combination of slower new orders growth and a record rise in finished goods stock," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "This accumulation of unsold inventory hints at slower factory production expansion in the coming months unless demand revives, which could in turn feed through to lower growth in many service industries."

There is no spillover yet as business activity picked up again this month. The U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 54.8 from 54.6 in October.

Flash PMI

SERVICES SECTOR IS HOLDING UP

Services businesses offset the slowdown in manufacturing, with the PMI climbing to 55.0 from 54.8 last month.

The survey's measure of new orders received by businesses increased to 55.0 from 53.6 last month. S&P Global noted a marked improvement in confidence in the year ahead, which it attributed to expectations for more interest rate cuts, the end of a 43-day shutdown of the government, as well as "reduced worries over the political environment and hopes for increased policy support to business."

The survey was conducted from November 12 to November 20. Democrats swept a trio of races on November 4 in the first major elections since Trump regained the presidency. The off-year elections and the end of the longest shutdown in history likely contributed to a slight improvement in consumer sentiment from earlier this month.

The University of Michigan's Consumer Sentiment Index increased to 51 from 50.3 earlier in November, which was the lowest level in nearly 3-1/2 years. The index, however, was down from 53.6 in October. Current personal finances and buying conditions for durables both plunged more than 10%, but expectations for the future improved slightly.

"By the end of the month, sentiment for consumers with the largest stock holdings lost the gains seen at the preliminary reading," said Joanne Hsu, director of the Surveys of Consumers. "This group's sentiment dropped about two index points from October, likely a consequence of the stock market declines seen over the past two weeks."

Inflation appears likely to remain elevated, at least in the near term, which could reduce the chances of the rate cut that businesses anticipated. A measure of prices asked by businesses for their products and services increased to 56.0 from 54.7 in October, the PMI survey showed. A gauge of prices paid for their inputs rose to 63.1 from 60.0 in the prior month.

Similarly, consumers in the University of Michigan survey expected higher inflation over the next 12 months. Their five-year inflation expectations, however, eased to a still-high 3.4% from 3.9% in October. Since the Federal Reserve cut rates in October, many policymakers have signaled wariness about further reductions in borrowing costs this year, with inflation still above the U.S. central bank's 2% target.

The S&P Global survey also suggested no deterioration in the labor market, even though the unemployment rate hit a four-year high of 4.4% in September. The survey's measure of private sector employment eased to 51.0 from 51.3 in October, with worries over costs related to tariffs cited as a constraint.

 Eli Lilly (LLY.N), opens new tab hit $1 trillion in market value on Friday, making it the first drugmaker to enter the exclusive club dominated by tech giants and underscoring its rise as a weight-loss powerhouse.

A more than 35% rally in the company's stock this year has largely been driven by the explosive growth of the weight-loss drug market.

In the last two years ,as new, highly effective obesity treatments hit the market, the category has emerged as one of the most lucrative segments in healthcare.

Sales of Lilly's tirzepatide, marketed as Mounjaro for type 2 diabetes and Zepbound for obesity, have also topped Merck's (MRK.N), opens new tab Keytruda as the world's best-selling drug.

Novo Nordisk (NOVOb.CO), opens new tab had the early lead in the space, but Mounjaro and Zepbound have surged in popularity and helped the company eclipse its rival in prescriptions.

Lilly pulled ahead in part because Novo's Wegovy launch in 2021 was hampered by supply shortages, giving Lilly room to gain ground. The U.S. company's drugs have also shown stronger clinical efficacy, and Lilly has been faster to scale up manufacturing and expand distribution.

The company's shares, which briefly hit a record high, were trading nearly 1% higher at $1,051.

Lilly now trades at one of the richest valuations in big pharma, at about 50 times its anticipated earnings over the next 12 months, according to LSEG data, reflecting investors' bets that demand for obesity drugs will remain strong.

Shares have also far outpaced the broader U.S. equity market. Since the launch of Zepbound in late 2023, Lilly has gained more than 75%, compared with an over 50% rise in the S&P 500 over the same period.

Eli Lilly hits $1 trillion market cap, cementing its pharma dominance

In the latest reported quarter, Lilly posted combined revenue of more than $10.09 billion from its obesity and diabetes portfolio, accounting for more than half of its total revenue of $17.6 billion.

"The current valuation points to investor confidence in the longer-term durability of the company's metabolic health franchise. It also suggests that investors prefer Lilly over Novo in the obesity arms race," said Evan Seigerman, analyst at BMO Capital Markets.

In October, Lilly lifted its annual revenue forecast by more than $2 billion at the midpoint on surging global demand for its obesity and diabetes drugs.

Item 1 of 2 A screen displays the logo and trading information for Eli Lilly and Company on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2025. REUTERS/Brendan McDermid

[1/2]A screen displays the logo and trading information for Eli Lilly and Company on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2025. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab

Wall Street estimates the weight-loss drug market to be worth $150 billion by 2030, with Lilly and Novo together controlling the majority of projected global sales.

Eli Lilly’s Zepbound surpasses Novo’s Wegovy in U.S. prescriptions, maintains Q3 lead

Investors are now focused on Lilly's oral obesity drug, orforglipron, which is expected to be approved early next year.

In a note last week, Citi analysts said the latest generation of GLP-1 drugs has already been a "sales phenomenon", and orforglipron is poised to benefit from the "inroads made by its injectable predecessors."

Eli Lilly leaps past Novo as momentum accelerates

SUSTAINING THE MOMENTUM

Lilly is set to benefit from a deal with the Trump administration and its planned billions in investment to boost U.S. production.

Analysts have said the pricing deal with the White House may weigh on near-term revenue but significantly expands access, adding as many as 40 million potential U.S. candidates for obesity treatment.

Lilly is starting to resemble the "Magnificent Seven" again, said James Shin, director of Biopharma Equity Research at Deutsche Bank, referring to the tech heavyweights, including Nvidia (NVDA.O), opens new tab and Microsoft (MSFT.O), opens new ta,b that have powered much of the market's returns this year.

At one point, investors viewed it as part of that elite group, but after some disappointing headlines and earnings, it slipped out of favor.

Now, however, it can possibly pose as an alternative for investors, especially given recent concerns and weakness in some AI stocks, he added.

Weight-Loss Portfolio Fuels Lilly’s Market Rally

Still, analysts and investors are watching whether Lilly can sustain its current growth as prices of Mounjaro and Zepbound come under pressure, and whether its scale-up plans, along with its diversified pipeline and dealmaking, will offset a potential margin squeeze.

The Bureau of Labor Statistics said Friday it will not release the consumer price index for October, because survey data is missing due to the government shutdown and can't be collected retroactively. The November CPI will be released Dec. 18, a week after the Federal Reserve makes its next interest rate decision. There's no release date yet for Fed's preferred inflation gauge, the Personal Consumption Expenditures index from the Bureau of Economic Analysis, which is being rescheduled. The BLS also canceled the October jobs report.

Based on state filings, it appears that engineers took the biggest hit in Amazon's massive layoff, affecting a total of 14,000 workers last month, CNBC reports. It cites paperwork from New York, New Jersey, California,and Amazon's Washington base, which showed that 40% of the 4,700 eliminated positions in those states were engineering roles. Meanwhile, hundreds of remote workers for Amazon's Ring video doorbell division must relocate to U.S. or U.K. hubs to keep their jobs, Bloomberg reports, citing anonymous sources.

A first-of-its-kind crash test dummy aims to improve automotive safety for women, who are about 73% more likely to be seriously injured in a head-on collision than men. Soon, U.S. car companies will be required to test vehicle safety using the THOR-05F, which features more than 150 cutting-edge sensors and more accurately reflects the average size of an American woman than those in use today. The THOR-05F is manufactured by Humanetics, a Michigan-based company known for designing precision safety systems.

Los Angeles is changing up the usual approach to Olympic naming rights by allowing sponsors to pay for the privilege. Intuit has signed on as a founding partner and will keep its name on the Intuit Dome, which will host Olympic basketball, as part of the deal. Previously, the International Olympic Committee required venues to take on generic names during the Games. Intuit joins Starbucks and Honda on the list of founding partners for the 2028 Olympics, which are expected to cost more than $7 billion.

Tyson Foods plans to close one of the country's largest beef-processing plants. The facility in Lexington, Nebraska, has a workforce of about 3,000 people and a daily capacity of nearly 5,000 cattle. A nationwide cattle shortage pushed up Tyson's costs by more than $2 billion, and it lost more than $425 million on beef in its most recent fiscal year. The meat producer is also reducing shifts at its plant in Amarillo, Texas.

Robert Propst, the man who gave the world the cubicle, never intended for his design to become "synonymous with corporate monotony and conformity," The Wall Street Journal writes. In fact, Propst's vision was that cubicles, which could originally be arranged in myriad configurations and tailored to workers' needs, would make offices more "dynamic and social." But the companies that purchased his designs used cubicle components to "pack more employees into tighter spaces," giving us what Propst toward the end of his life derided as "monolithic insanity.”

The Education Department says degrees such as nursing, accounting, architecture, and other disciplines are no longer "professional," and the move is raising alarm among workers in those fields. Nurses, in particular, have been vocal on LinkedIn, and groups such as the American Nurses Association and the American Association of Colleges of Nursing have spoken out against the move. Their concern is that reclassifying the roles will limit access to financial aid and forgiveness programs. Final rules would go into effect next year, following public comment and agency review.

Bitcoin is in freefall, and it's dragging down the crypto market in the process. The world's largest cryptocurrency briefly dropped below $82,000 on Friday as the value of all crypto assets fell beneath $3 trillion for the first time since April, Bloomberg reported. The broad decline evoked memories of 2022, when a string of corporate collapses hammered the sector. Bitcoin has lost roughly a quarter of its value this month alone. One wallet that had been active since 2011 recently divested of $1.3 billion in the digital currency.