US whole economy PMI/ISM surveys plunge

We now have both the ISM and the PMI surveys for manufacturing and services.  I've extreme-adjusted each time series from these surveys and then combined them in the chart below.  By extreme-adjusting and averaging them, I'm  trying to reduce random month-to-month volatility.

The pink line is the one to watch.  Lower than 2016, lower than 2012.  The 2012 decline was on the back of expenditure cuts forced by Congress (the "fiscal cliff"), plus the Euro crisis (also worsened by forced fiscal austerity).  Now, we're coming off the big sugar hit from the Trump tax cuts.  In that sense, things are worse now than they were in 2012.

But we're still above the 50% recession line.  Just.