A large portion of the declines in ads in November and December are seasonal declines as businesses cut back recruitment ads during the holiday season.
There was cautious optimism a month ago that manufacturing declines might have been bottoming out, ... Now, in the wake of the attacks, economic demand seems likely to slow.
We might still be seeing some small declines in manufacturing overall, but even that's a mix. This year you'll see more hiring in nondurable manufacturing sectors such as in chemicals, in rubber, in plastics, in paper.