ISM Manufacturing Index for October at Lowest Since 2001

The ISM Manufacturing Index came in at 38.9 versus an expect 43.0, declining from a prior reading in September of 43.5. This reading is lower than the lowest readings seen in the prior two recessions.

Manufacturing is falling at its fastest rate since the recession of 1982.

There should be no doubt, even for the most diehard panglossians, that the US is in a significant recession already, despite heavily managed government numbers such as GDP.

This is an economic and event heavy week, with the national elections tomorrow and the Jobs Report for October coming out on Friday October 7.

As corporate America runs out of accounting tricks look for their reports to start reflecting a grimmer reality which is now only selectively disclosed from the financial sector and a few companies.

This is made worse by the masking of the seriousness of the situation by statistical reporting that leaves so many unsuspecting and unprepared, and in the grip of a rapacious financial system.

The culture of deception and greed must be restrained, and balance with transparency restored to our economy and our governance.