In case you missed it, October’s ISM Manufacturing Report was no good—it was downright recessionary. 

Veteran Industrials analyst Jay Van Sciver dug into the details to explain why the most troubling metric of all in the report is a decline in Orders Backlog this morning on The Call @ Hedgeye.

“In this specific cycle, that's probably the most important to track because all of these industrials—as Caterpillar (CAT) shows—are just draining their order backlog to generate earnings, and that backlog continued to tick back down,” Van Sciver says.

“This is an ugly ISM in every way. There’s nothing about it that’s positive.” 

Watch the full clip above. 

Van Sciver Sounds Alarm on Troubling U.S. Economic Data - Call Banner