IT'S ALL OVER THE MARKET

The news is out. In fact, it's all over town. And here it is.

WASHINGTON (MarketWatch) — American manufacturers of goods such as electronics, chemicals and heavy machinery saw their businesses contract in November at the sharpest pace since the end of the Great Recession, reflecting the damage caused by a strong dollar, cheap energy prices and a soft global economy.

The Institute for Supply Management said its manufacturing index fell to 48.6% to last month from 50.1% in October, marking the lowest reading since June 2009. The current economic expansion began one month later.

Economists polled by MarketWatch had expected the index to total 50.5%. Any number below 50% signals that more companies are contracting their businesses instead of expanding.

Without the slightest trace of cynicism, one could say: So much for polls and so much for economists, especially the polled kind.

Now some will say manufacturing is not a big part of the economy anymore. So what? 

That's a decent point and to that point we likewise say: So what?