Expectations were low for US manufacturing growth last month, but no one saw this coming: The ISM manufacturing index fell to 54.1 in December, its lowest level since November 2016.

Below is the by-the-numbers breakdown:

  • The New Orders Index was 51.1%, a decrease of 11.0 percentage points from November.
  • The Production Index was 54.3%, 6.3-percentage point decrease.
  • The Employment Index was 56.2%, a decrease of 2.2 percentage points.
  • The Supplier Deliveries Index was 57.5%, a 5.0-point decrease.
  • The Inventories Index was 51.2%, a decrease of 1.7 percentage points.
  • The Prices Index was 54.9%, a 5.8-percentage point decrease.
Why? Well, no one’s quite sure. Some blame the trade war between the US and China. Some blame the tightening economy. According to chair of the ISM — Institute for Supply Management — demand fell across the board in November and December.

All we know is that this is bad news. Stocks are falling again as a result, with the Dow Jones Industrial Average dropping about 500 points following the data release.