We just mentioned that the June ISM report contained two stunning numbers: One was the collapse in prices paid (signaling deflation) and the other was the collapse in New Orders.
Here’s some perspective.
This chart shows the change in the New Orders Index compared to the previous months.
As you can see, this was one of the worst months in history.
The last time there was a worse decline, it was right after 9-11 and the time before that it was in the early 80s.