Yet more evidence that we face recession regardless of the outcome of the "fiscal cliff" negotiations. November's manufacturing ISM printed at its lowest level since July 2009, the month after the Great Recession officially "ended". This is the 2nd indicator that has recently printed its lowest level since July 2009, and 1 of many recent indicators that fortifies my argument that, if no debt deal is reached, we nevertheless face a brief, mild recession to begin around the new year.
The employment sub-index of the manufacturing ISM also printed at its lowest level since the Great Recession:
To review, the manufacturing ISM is only the latest indicator suggesting recession. In November, we saw the following:
Imports and exports falling to recessionary levels...
...the Chicago Fed National Activity Index showing recession...
...and the Big Kahuna, the Philly Fed's "indicator of indicators", showing that we face economic headwinds.
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