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Overall, the ISM data … suggest we may see the deepest recession since the early 1980s, and if it lasts until the fall or winter of 2009 as we fear, it would be the longest recession since the 1930s. However, the downturn is not likely to be anywhere near as deep as what we saw during the Depression. The larger risk in our view is the Japan-like syndrome — a long recession followed by an extended period of weak growth. – Michael T. Darda, MKM Partners

http://blogs.wsj.com/economics/2009/01/02/economists-react-manufacturing-weakness-seen-in-every-sector/