Ouch! This morning's ISM report on Manufacturing activity was bad. A reading of 49 (below 50 indicates contraction), the lowest since mid 2009.
Here's a chart from the maestro, Bill McBride (clic the pic for a more illuminating image):
Plus the recent ADP jobs report indicated that 6000 manufacturing jobs were "lost" in May.
Come on Service sector! Only you can save us.