Just in case you thought the ISM number was a flukey 'transitory' one-off, the New York City ISM just plunged, with the outlook collapsing to its lowest since Feb 2009.
And ahead of Friday's payroll print, NYC ISM's employment index plunged to 52.5 from 69.0.
In September, top line and forward revenue guidance fell considerably. Both reached the lowest level reported since they
were added to the report in February 2012. Current Revenues fell from the breakeven point of 50.0 in August to 38.1 in
September. Current Revenues has never been in the 30s before. Expected Revenues, the largest mover this month, fell
37.1 points from 82.3 in August to 45.2 in September. The largest drop month over month before September was 21.4,
reported in December 2014. Expected revenues has been at the breakeven point a handful of times in the past, but has
never been below it before.
It's getting harder for stocks to ignore reality.