The downward revision to last month’s recent record high appears to have been the warning flag but this is a disaster. ISM Manufacturing dropped by its most since 2008; missed by its most on record; and new orders collapse at the fastest pace since 1980. The employment sub-index also tubled from 55.8 to 52.3. “Poor weather” was blamed by some respondents and still hangovers from the government shutdown but these numbers are simply unprecedented as the data came in at a 6-sigma miss to “economist” expectations.
Biggest miss on record…
6-Sima from smart people’s expectations…
And New orders dropped by the most sicne 1980…
The full component breakdown with New Orders highlighted:
Charts: Bloomberg
via Zero Hedge http://ift.tt/1bjVkZk Tyler Durden