While the decline in the ISM manufacturing index to 48.6 in November, from 50.1, left it at the lowest level since the recession ended in mid-2009, it doesn't mean that the economy is headed for another collapse. Manufacturing is being pummelled by the stronger dollar and the weakness of global demand, but the other 88% of the economy continues to perform well. Accordingly, this won't prevent the Fed from raising interest rates at the mid-December FOMC meeting.
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