ISM Plunges

The ISM manufacturing index fell to its lowest since 2001 in yet another indication that the contraction is accelerating.

And while construction spending was unchanged in August compared to July when most economists expected a contraction, the July number was downwardly revised so much that the actual figure came in below expectations. Noteworthy is that not only residential construction, but also private non-residential construction is falling now. Only government construction spending is still rising.