The U.S. National Association of Purchasing Management reported all indexes of October 2001 manufacturing activity plunged to the lowest levels since the recession of 1990.

At 39.8, it fell an astounding 7.2 from September's level of 47. The month-to-month drop is one of the largest since the Great Depression.

The index has now been below 50 for 15 consecutive months. Any number below 50 generally indicates manufacturing contraction, above 50 indicates expansion.

Manufacturing employment continued to fall, dropping to 35.1 in October from 42.2 in September.

The Production Index fell 10.4, to 40.9 in October from September's 51.3.

The New Order index fell below 50, after growing in both August and September. It fell to 38.3 in October from 50.3 in September.

NAM Chair Norbert Ore said, "The manufacturing sector received a very significant setback driven by the events of September 11. The trend lines were moving in a positive direction prior to this report. The declines in production and new orders are among the largest in the history of our reports, which began in 1931."