The ISM Manufacturing PMI has been below 50 (in contraction) for 19 out of the last 20 months. With data going back to 1948, that's only happened two other times:
-1989-91 (Recession in 1990-91)
-1981-83 (Recession in 1981-82)
https://x.com/charliebilello/status/1808122822008431017
