Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Cantania and Michael Santoli.

We are live at Post 9 of the New York Stock Exchange. David Faber has the morning off.

We've got a big interview coming up in just a moment. Commerce Secretary Howard Lutnik joins us to talk tariffs, the economy, the Trump administration's latest investment news, and much more.

Plus, Evercores Krishna Guja will be with us to dissect today's weaker

jobs number and how could impact next week's Fed decision. And Microsoft under some pressure

right now as the report just out raises concerns about demand for its AI agents. More on that

story. Straight ahead. Working our way through some services data. Let's get back to Rick Santelli

with ISM. Hey, Rick.

Yes, these are ISM PMIs as you mentioned, Carl. They have no mid-month reads, so these are fresh

November reads, a mixed bag here. 52.6 of the headline, better than expectations, sequentially

higher than our last look at 52.4, and it's the best number since

Feb of this year.

And if you look at prices paid, and we'd rather have this go down, well, it is less than

expectations.

We're looking for 68 plus, comes in at 65.4, much lower than 70 in the rearview mirror. That's the lightest on prices paid since April

of this year. New orders, 52.9. Now, here's a bit of the mixed bag. Yes, it's above 50, but it's

definitely below last month at 56.2. This would be the weakest since CEP of this year. And finally, on the employment front,

on a week we're supposed to get the big jobs report, but we're not going to get it. Forty-eight.

9, once again, it's under 50. That's not good. But it is sequentially higher than our last look at

48.2. It's the best since May of this year. If you sum it all up,

basically it really is kind of a mixed bag in services. Some good news. The good news here,

maybe his price is paid moving a bit down. We're hovering right now right around 406 and a

...