This is exactly what happened in our current recession.
http://research.stlouisfed.org/fred2/series/GDP
http://research.stlouisfed.org/fred2/series/PAYEMS
http://research.stlouisfed.org/fred2/series/DGORDER
http://research.stlouisfed.org/fred2/series/IPDCONGD
http://research.stlouisfed.org/fred2/series/DMANEMP
This is exactly what happened in our current recession.
http://research.stlouisfed.org/fred2/series/GDP
http://research.stlouisfed.org/fred2/series/PAYEMS
http://research.stlouisfed.org/fred2/series/DGORDER
http://research.stlouisfed.org/fred2/series/IPDCONGD
http://research.stlouisfed.org/fred2/series/DMANEMP