ISM Manufacturing Data was released this morning. The index fell to 49.5 for November--down from 51.2 in September and signifying a contraction in U.S. manufacturing. Construction spending dropped by the most in five years in October--sliding 1 percent.
Now eyes turn back to the Fed and how they'll react.
What if the Fed remains on hold for too long? Are we running the risk of recession if they don't starting cutting interest rates?
CNBC’s Liz Claman asked Diane Swonk--Chief Economist at Mesirow Financial and Nigel Gault who is Chief U.S. Economist at Global Insight.