Milwaukee joins the party with its lowest ISM print since April 2009. Based on the regional Fed survey collapse - Dallas, Richmond, New York, Philly, Chicago, and even Kansas City - it's unanimous - they are all flashing recessionary warnings. ISM Milwaukee fell to 39.44, its biggest drop since July 2012 and lowest print since April 2009 Under the covers the data is a disaster. New Orders hammered (35.51 from 47.52) Employment plunged (41.88 from 47.04) - lowest on record Inventories collapsed (31.25 from 53.57) Order Backlog crashed (37.50 from 57.14) Charts: Bloomberg