The manufacturing streak everyone's cheering about masks the real forensic problem: revenue growth without proportional cash flow expansion. [U.S. manufacturers just extended their fifth consecutive month of growth](https://www.marketwatch.com/story/u-s-manufacturers-extend-best-hot-streak-since-2022-so-why-arent-business-leaders-happy-d838157d?mod=mw_rss_topstories), but the cash generation math isn't keeping pace — which means either margins are getting squeezed or working capital is getting t

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