🔧 Manufacturing PMI: 48.5 – contraction deepens 🏗️ Construction: steady 📉 Factory Orders: -3.7% 📊 JOLTS: labor demand cooling 💼 ADP: hiring slows 📘 Fed BeigeBook: modest growth 📉 Services PMI: surprise drop 🇪🇺 ECB cuts rates 📦 Trade deficit narrows 📈 Auto sales: GM leads 🆙 Jobless claims: 7-mo. high