You think our ISM report was bad?
Check out the Greek ISM, which has now come in sub-50 for 30 straight months, and which is now at a survey low of 37.7.
There’s something remarkable you have to realise here, which is that to some extent, ISM reports are mean reverting. Eventually it gets hard for more companies to have sequential declines than in the month before, because you just get to some kind of floor in business.
So the deep declines month in and month out is staggering.
As The Economist’s Ryan Avent puts it, this is “total collapse.”