We were alerted in July thanks to my friend Pat’s tip on some panic in Machine Tools by Mori Seiki.  We have since tracked machine tool sales data right down the drain and watched a steadily easing ISM each month (going back to well before the machine tools data fell off a cliff).  Here’s the view of September, down to a PMI of 50.2, showing a completely flat growth situation.

Here is the entire report from ISM.  I have highlighted relevant items on the graphic.

As for machine tools, let’s note again that sales are down to levels last seen in 2011, although unlike 2011, they are in a down trend not an up trend.  Here’s the data through August.