The chart shows the Institute of Supply Management's (the old NAPM index) index for manufacturing, extreme adjusted, (blue dotted line), IHS Markit's US PMI (purchasing manager index), also extreme adjusted (red dashed line), and the equally-weighted average of the two (thick green line.)
Looks to me as if they are rolling over. They'll take a year to reach 50, which marks the point where half the respondents report rising activity and half falling. Perfectly consistent with recession from mid-year 2019, which I think highly likely from other indicators (yield curve, Fed Funds rate, the end of the impact of fiscal stimulus, trade wars, China slow-down, etc)
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