by Calculated Risk on 12/01/2008 11:41:00 AM

From Rex Nutting at MarketWatch: November manufacturing activity falls, prices plummet

The November ISM reading for U.S. manufacturing activity decreased to 36.2%, the lowest reading since May 1982, from 38.9% in the prior month. Readings above 50% indicate an expansion of the manufacturing economy, while readings below indicate a contraction.

Manufacturing had been holding up pretty compared to other recessions. This was partly due to strong U.S. exports, but exports have now slowed sharply.

It seems all of the previously relatively strong areas of the economy - consumer spending, investment in non-residential structures, and exports (and manufacturing) - are all in a steep slide.