The downward revision to last month's recent record high appears to have been the warning flag but this is a disaster. ISM Manufacturing dropped by its most since 2008 to levels not seen since May, missed by the most on record, and new orders collapsed at the fastest pace since December 1980 . The employment sub-index also tumbled from 55.8 to 52.3. "Poor weather" was blamed by some respondents and still hangovers from the government shutdown but these numbers are simply unprecedented as the data came in at a 6-sigma miss to "economist" expectations .

Surprisingly, even the ISM is sick and tired of the generic excuse:

ISM'S HOLCOMB SAYS WEATHER DOESN'T ACCOUNT FOR ENTIRE SLOWDOWN

So, one needs to come up with new and improved generic excuses for biggest miss on record:

6-Sima from smart people's expectations...

And New orders dropped by the most sicne 1980...

The full component breakdown with New Orders highlighted:

The respondents were still hopeful, but "scapegoaty," as some were crushed by the lack of balmy 73 degree weather in the deep of winter: