What a Difference Five Months Makes

Last week, we noted that the daily moves in the S&P 500 during the current bear market make this the most volatile period in the index's history.  More broadly, today's release of the November ISM shows that for pricing in general, the move we have seen over the last five months is the most extreme ever. 

In this morning's ISM release, the sub-index of "Prices Paid" hit its lowest level since 1949 and its fourth lowest reading ever.  While this is significant by itself, it is even more remarkable if we remember that in June this index was near record highs when it posted its 13th highest reading ever.  In a matter of five months, we have gone from the 13th highest monthly reading since 1948 to the fourth lowest monthly reading.