Oh, how Old Media wants a recession. Too bad the economy isn't cooperating.

The latest Institute for Supply Management (ISM) report on the Manufacturing Sector, covering about 15% of the non-government economy, was just released this morning, and led as follows:

Economic activity in the manufacturing sector expanded in November for the 10th consecutive month, while the overall economy grew for the 73rd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.

True, the reading of 50.8% was barely above the 50% cutoff point for expansion. But it's barely lower than the 50.9% turned in last month, and still came in slightly ahead of expectations, which averaged 50.4%, according to the Associated Press, and 50.7%, according to Bloomberg.

This makes three out of three fourth quarter ISM reports showing continued growth -- two in manufacturing, plus October's non-manufacturing report that came in at 55.8%, up from 54.8% in September. If Wednesday's ISM report on non-manufacturing for November comes in at 55.9% or higher, it will means that the economy as a whole, as ISM measures it, is not only growing, but growing faster. Recession, reschmession.

The reports ahead of ISM's release today tell you all you need to know about where Old Media wants you to think the economy is going. Here are Bloomberg's first and third paragraphs:

Manufacturing in the U.S. probably grew in November at the slowest pace in 10 months as the housing slump spread, economists said before a report today.

..... Export gains by themselves won't be enough to shield factories from the emerging slowdown in consumer spending and business investment, economists said. Credit restrictions have also limited access to financing and may lead to further declines in orders and production.

All of this was over an expected 0.2% drop in the index (from 50.9% to 50.7%), which only ended up being 0.1%. I say the "economists" Bloomberg consulted need to switch their TVs permanently away from Old Media's "news" channels.

AP's unbylined report telegraphed similar gloom:

Wall Street economists expect a November report on the nation's manufacturing sector to show growth slowed -- and possibly stalled -- as the housing slump worsened.

..... Some economists say November's index will fall below 50, its first move into such territory since January.

You could almost hear AP's reporter saying "darn!" (or something stronger) just after the actual result was released.

Cross-posted at BizzyBlog.com.

—Tom Blumer is president of a training and development company in Mason, Ohio, and is a contributing editor to NewsBusters