That depends to a large extent on the outcome of the ongoig congressional hearing concerning the bailout of automakers. US manufacturing constitutes some 14% of GDP, out of that more than half can be accounted for by the auto making, that includes big three and all the suppliers and dependents etc. However I think that longer term future may actually be brighter. I think that Obama's stimuluous packages will spur investment in alternate energy and other infrastructure projects. This could be somewhat of a boom for manufacturing. Short term though brace yourselves for an unemployment rising to 8.5 - 9.0% (Nouriel Roubini), maistream economists who couldn't predict jack in the past are talking about unemployment of about 7.5% at the peak. So far Roubini was right on every detail of what is now unfolding and so there is no reason not take his word for it. Unemployment benefits have now been raised to 39 weeks with maximum of about 340.00 per week. Home Depot, Wall Mart etc now have a waiting list of job applicants so perhaps it's time to read again the "Grapes of Wrath". It's not funny.
Another 20% drop in stock market is also not out of the question.