Fears of a recession hit the stock market after a survey of U.S. manufacturing reported the lowest reading in more than a decade.
The U.S. manufacturing purchasing managers’ index from the Institute for Supply Management (ISM) came in at 47.8%, the lowest since June 2009. The new export order index also fell, to 41%, which is its lowest since March 2009.
The ISM employment gauge for the industry also took a deep dive to its lowest point since 2016, primarily due to a lack of demand.
Some financial experts worry that these low numbers in the manufacturing industry are a sure sign that the recession risk is real.