ISM and PMI Both Down---Again

Both the ISM and PMI (manufacturing) indices are down again, for the 5th month in a row.

ISM notes an increase in inventories, a decrease in new orders, and a decrease in employment.

PMI observes that while production was up, that was merely a 'clearing of backorders,' and not likely to be long-term.

Had to happen sometime, but the Bai-Den Incompetency, along with the Bai-Den Energy Squeeze, hastened this along.

Now the question:  how long and how deep?