US Manufacturing collapses – global depression deepens, financial systems hangs on Government bailouts
Marla Guthrie
Jan. 2, 2009

US manufacturing activity contracted at its sharpest pace for nearly 30 years in December, a closely watched survey suggested on Friday, underscoring the downward momentum in the economy at the turn of the year.

The Institute for Supply Managers survey index declined in November from 36.2 to 32.4, much worse than expected, while new orders and production measures hit their lowest level since the survey began in 1948.

The situation is real grave. The financial system is much worse than expected The collapsing economy will create massive global depression in 2009-2010.

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