Two economic readings Monday morning, one on factory activity and one on construction, indicated that the U.S. economy is continuing to decline.

The Institute for Supply Management reported its factory index for November came in at its lowest level since 1982, at 36.2. This is the fifth straight month-to-month decline, and the fourth month in a row that the index has fallen below 50. A reading below 50 indicates a decline, while one greater than 50 indicates growth. 

The new level means that manufacturing in the U.S. has shrunk more quickly than it has in 26 years.

New orders for factories came in at 27.9, the lowest since 1980, and down from 32.2 a month before. The production measure fell from 34.1 to 31.5, while prices paid dropped from 37 down to 25.5, the lowest in almost 60 years.

“The weakness in manufacturing reflects both the general deterioration in the economy as well as turmoil in the credit markets. The current level of the index is consistent with recessions in both the manufacturing sector as well as broader economy,” said FOX Business Chief Economist Mark Lieberman.

The U.S. was not alone in its struggles -- China, Russia, and the United Kingdom all saw record declines in manufacturing this month.

“This report continues the disastrous string of manufacturing indicators, bad in every respect apart from prices paid which now fans fears of deflation -- in many respects a greater threat than inflation,” said Lieberman.

On another front, construction spending declined 1.2% month-to-month in October, the Commerce Department said.

Overall, construction spending is down 4.6% for the year. Residential construction spending continued on its 18-month decline, and was down 3.5% month over month, and 23.6% since this time last year. Non-residential construction spending was down by 0.1%, its first decline since July of 2008.

The September construction-spending number was revised to 0%, up from the initial 0.3% decline reported by Commerce last month.

Lieberman said that non-residential construction would likely weaken further as public construction is curtailed due to state and local government budget cutbacks.