A hissing sound?

I think I hear a loud hissing sound as the air escapes from what is already a crappy economy:

WASHINGTON (MarketWatch) -The U.S. factory sector contracted in December for the first time in nearly a year as new orders collapsed, the Institute for Supply Management reported Wednesday.

The ISM index fell to 47.7% from 50.8% in November. It's the lowest reading since April 2003 and the first sub-50 reading since January 2007.

"This will fan recession concerns," wrote Stephen Gallagher, U.S. economist for Societe Generale.

The new-orders index fell to 45.7% from 52.6%, the lowest since October 2001, as the nation was pulling out of the last recession. Just 15% of firms reported rising orders; the percentage has been lower only once in the past 25 years.

My guess is that things are going to get a lot worse before they start getting better.