Yep, it looks more and more like a recession:
Manufacturing in the U.S. contracted in February at the fastest pace in almost five years, pushing the economy closer to a recession.
The Institute for Supply Management’s manufacturing index dropped to 48.3, the lowest level since April 2003, from 50.7 in January, the Tempe, Arizona-based group said today. Fifty is the dividing line between contraction and expansion.
The last recession started when? First or second quarter of 2001? The one before that was Greenspan’s perfectly-engineered “soft landing” of ’95. And before that, the short, sharp contraction of ’91. Nearly four years, then almost six, then close to seven between recessions.
As much as this is going to suck, it’s hard to complain after a series of runs like we’ve enjoyed the last 16 years or so.