On Monday, the Institute for Supply Management's Manufacturing Index for December came in showing contraction for the second consecutive month, and with a slightly worse reading (48.2 percent, versus 48.6 percent in November; any reading below 50 percent signifiies contraction). These two results followed readings which just slipped over the expansion bar (50.2 and 50.1 percent, respectively) in September and October.
The average of the past four months' reading is 49.3. In a situation that was not as bad in early 2007, David Leonhardt at the New York Times declared that "For Manufacturing, a Recession Has Arrived." But after yesterday's ISM report, as readers here would sadly expect, no Times reporter bothered to elaborate on the latest in an awful string of ISM manufacturing reports, instead posting wire service dispatches from Reuters and the Associated Press which appear not to have made the Old Gray Lady's print edition.











