yep. that's a recession....
Posted by
x (aka dmuck)
Nov 3 '08, 07:40
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A key index of the nation's manufacturing activity fell to a 26-year low, sliding into recession territory, a purchasing managers group said Monday.
The Institute for Supply Management's (ISM) manufacturing index tumbled to 38.9 in October from 43.5 in September. It was the lowest reading since September 1982, when the index registered 38.8.
Economists were expecting the index to decline to a reading of 42, according to a survey conducted by Briefing.com.
The tipping point for the index is 50, with a reading below that indicating contraction in manufacturing activity. The index has hovered around the 50 mark since September 2007, with an average of 49.1.
A reading below 41 is considered a sign that the economy is in recession.
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