While last week’s Chicago’s PMI staged a strong bounce from its recent contraction and back into expansion, New York did not. ISM New York just printed at 50.4, just barely above the contraction point, and the lowest headline print since mid 2015.

The extremely noisy time series continues to swing, this time lower, with every single underlying component deteriorating in the month of March.

But the most troubling reading was the employment print, which after staging a strong rebound last month, collapsed to just 40.9, the second worst print in the current decade.