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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to subscribe. 

"... As the Chart of the Day shows, sub-50 ISM prints have generated some false positives vis-à-vis recession signaling but contraction in the industrial-manufacturing sector has accompanied pretty much every downturn over the last century."  

CHART OF THE DAY: This Recession Signal Is Now Flashing Red - ISM CoD