The headline PMI fell to its lowest level since September 2009 as output growth eased (with output expectations crashing to the joint-lowest since records began) and new orders fell for the first time since August 2009.

The ISM Manufacturing print also disappointed at 52.1 (53.0 exp), the weakest since Oct 2016 (despite a rise in new export orders and employment)

Three of five ISM components declined, including production, inventories and supplier deliveries,and stagflation looms as prices paid rose.

As Bloomberg notes, the ISM index's lowest reading of Trump's presidency -- down from a 14-year high in August -- follows a slew of other economic data that suggest the sector was on shakier ground even before the latest escalation of tariffs between the U.S. and China began to pinch margins.