Two manufacturing executives just told ISM surveyors that current conditions are worse than COVID.
Let that sink in. Worse than lockdowns, supply chain chaos, and mass uncertainty.
This isn't about macro forecasts or Fed policy. It's about real businesses, real orders, real hiring decisions. When people on the ground say it's worse than a once-in-a-century pandemic, that's not noise — that's signal.
Markets can ignore survey data for a while. They can't ignore earnings misses and layoffs fore...