FACTBOX: President-elect Obama to face distressed economy

(Reuters) - President-elect Barack Obama will take office at a time when the U.S. economy is in recession, with many analysts warning of the potential for a protracted downturn.

The following is a look at recent economic data that underscore the economy's fragile condition:

* U.S. manufacturing activity slumped in November to its weakest level since the 1981-1982 recession. The Institute for Supply Management's index of national factory activity fell to 36.2 in November from 38.9 in October. The prices paid subcomponent dropped to 25.5, the lowest since 1949.

* U.S. construction spending fell 1.2 percent in October after being flat in September. Private home building tumbled 3.5 percent, the sharpest fall since July.

* U.S. employers have cut a total 1.2 jobs million this year and the jobless rate hit a 14-1/2-year high of 6.5 percent in October. Analysts expect a further 320,000 jobs were lost in November.

* U.S. gross domestic product shrank at a 0.5 percent annual rate in the third quarter, the sharpest contraction in seven years, and analysts expect a much steeper decline in fourth quarter GDP. The private-sector panel that dates U.S. recessions says the economy entered a downturn in December 2007.

* Sales of new U.S. single-family homes dropped sharply in October and were running at levels last seen 17-1/2 years ago. The annual sales pace of 433,000 was down 5.3 percent from a revised 457,000 in September and was the weakest since 401,000 in January 1991.

* U.S. existing homes sales fell 3.1 percent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years.

* Construction starts on new U.S. homes fell to a record low in October, as did new applications for building permits.

* Consumer spending, which fuels two-thirds of U.S. economic activity, plunged 1 percent in October, the biggest decline in more than seven years. U.S. consumer confidence in November declined to a 28-year low.

* U.S. stock markets had another bleak month in November. The Standard & Poor's 500 Index lost 7.5 percent, while the Dow Jones industrial average fell 5.3 percent and the Nasdaq Composite Index tumbled 10.8 percent.

* The Conference Board's U.S. index of Leading Economic Indicators fell to its lowest in four years in October, as stock prices tumbled and consumer expectations weakened.