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Editor's Note: Below is a brief chart and excerpt from today's Early Look written by Hedgeye Director of Research Daryl Jones. Click here to learn more.  

"... In the Chart of the Day, we highlight ISM Manufacturing data, which contracted for the first back-to-back month since 2009. As the chart highlights going back to the 1980s, this type of contraction typically precedes or coincides with a recession. The same scenario could be said for a slew of data including industrial production, capital investment, durable goods, exports, and the list goes on. In fact, of the 34 key economic data points we track for the U.S., 24 have gotten worse sequentially."

CHART OF THE DAY | Recession? This Indicator Sees Worst Contraction Since 2009 - CoD 01.08.16