The Institute for Supply Management’s manufacturing index fell 4.4 points to 50.9% in July, the worst reading since 7/10; barely above the 50% mark signaling growth. Since 4/11 the ISM has fallen 9.5 points; the worst 3-mth skid since 9/08-11/08 when Lehman failed. Other parts of the ISM like new orders, prices and employment also fell big. Moreover, we have declining consumer spending! Yikes.