RSM US Manufacturing Outlook Index is starting to show cracks in the optimism of the past few months as the economy decelerates and the pandemic intensifies. We expect the November ISM Manufacturing index, to be released Tuesday, to show slower growth with a top-line reading near 58.0. All of the recent surveys of manufacturing sentiment conducted by the regional Federal Reserve banks reported diminished optimism, and two of the five (New York and Dallas) reported sentiment in November that is lower than what would normally be expected. If there is a loss of confidence, it might be because an increase in durable goods orders has yet to materialize. Orders have been lower relative to orders in the previous year in 14 of the past 15 months through October and have yet to catch up to expectations. For more information on how the coronavirus is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.