More evidence of stagflation:

The ISM manufacturing PMI index rose to 49.3 points in December, but remained in contraction territory.

This marks the 25th month of contraction out of the last 26, the 2nd longest streak on record.

The employment index fell to 45.3 shrinking for the 7th straight month.

Concerningly, output dropped at the fastest pace in 18 months due to a decline in new orders.

Meanwhile, prices paid jumped to 52.5, posting the 11th month of expansion out of the last 12.

We have rising prices with a weakening labor market.

Stagflation is here.