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Kansas Fed Joins NY, Philly And Richmond Fed In Contracting; Employment Index Drops To 2009 Levels

Tyler Durden's picture




 

We are now four-for-four (five-for-five if we include the drastic downward revisions in the Chicago PMI) for regional Fed business outlooks taking a serious (and consistent) turn for the worse. Kansas Fed manufacturing just missed expectations turning negative once again. Amid the sub-indices (which were broadly weak) was a plunge in employment as it fell to August 2009 levels. This weakness in Kansas follows Richmond's quadruple dip, Empire State's weakness, and Philly's major miss and in aggregate suggests a very weak ISM to come. Of course, all of this flies in the face of today's US PMI which beat expectations and pushed to recent highs.

 

Kansas City Fed Employment Subindex...

 

and combined with the other real-time surveys points to considerable weakness to come in ISM...

 

(h/t @Not_Jim_Cramer)

 

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Thu, 01/24/2013 - 13:00 | 3182821 Lohn Jocke
Lohn Jocke's picture

But it's different this time.

Thu, 01/24/2013 - 13:08 | 3182823 Say What Again
Say What Again's picture

NOTHING, absolutely NOTHING, will cause this "market" to sell.

+ SP500 = 1500 -- What chu complainin 'bout?
+ Bad News -- There is no such thing as "bad news."
+ AAPL -- Old News -- BTFD
+ AMZN's PE=3,583 (that's four digits) -- Its different this time.
+ Unemployment -- Who cares?  We have credit cards.
+ Debt Ceiling -- I'll gladly pay you Tuesday for a Kahuna-Burger today"
+ Sandy Storm -- Puts people to work to clean up the mess.
+ China vs. Japan -- What's a little argument between long time "friends?"
+ N. Korea -- Nuclear waste?  -- Puts people to work...

+ and...

+ and...

Bottom line is that we have an unlimited amount of paper and ink with which to print "promissory notes."

What's that?  Sorry, I was thinking old school.  We have an endless amount of 1's & 0's to add to the accounts of the primary dealers.

Thu, 01/24/2013 - 13:13 | 3182859 derek_vineyard
derek_vineyard's picture

bernanke kicked tylers ass.............shit i'm not supposed to talk about individual fights, my bad

Thu, 01/24/2013 - 13:31 | 3182924 NotApplicable
NotApplicable's picture

"So... bullish, right?" -- David "Balls to the Wall" Tepper

Thu, 01/24/2013 - 13:37 | 3182944 Payable on Death
Payable on Death's picture

Kansas City Fed. Not Kansas. It's in Missouri.

Thanks for the BBQ reference.

Thu, 01/24/2013 - 13:14 | 3182861 camaro68ss
camaro68ss's picture

This stock market bobble pop will be epic. Bring out your Umbrellas, it will be raining bankers in NY soon.

Thu, 01/24/2013 - 13:27 | 3182907 TruthInSunshine
TruthInSunshine's picture

I'm more bearish than ever. Acceleration in velocity is a force of physics to be reckoned with, and as that applies to the actual economy, the most reliable data demonstrates macro degradation is occurring at the fastest pace since 2008.

As an OT aside (I don't know where else to put this, sorry), Frontline's Martin Smith, who reported on the Lanny Breurer/DoJ inaction on bringing forth prosecution of Wall Street/Banking entities, has tweeted that the Department of Justice has essentially blacklisted him & told him they would no longer cooperate with Frontline because of his, and I quote (his words), "hit piece:"

 

Martin Smith: Frontline - "Well, The justice department called and siad they thought it was a hit piece, that I came with an agenda and that they will never co-operate with us in the future."

 

"Truth is treason in an empire of lies."

Thu, 01/24/2013 - 13:31 | 3182916 LawsofPhysics
LawsofPhysics's picture

yes, Egan Jones already got their gag order.

Thu, 01/24/2013 - 14:00 | 3183032 SamAdams
SamAdams's picture

Where's the top?  Overbought and at highs not seen since 2007, and aggregate average value / time equal to highest DJIA ever!  Somehow the market is still clinging, where's the dip???  Bring it!

Yes sir, huge bubble in process.  When this one pops, it'll be messy like a busted Stay-Puft Marshmallow Man.  Buy the dip, never short.  Watch the big guys because they will be poppin' parachutes before the next crash.  5-10 year cycle, been five already.

Thu, 01/24/2013 - 13:29 | 3182912 LawsofPhysics
LawsofPhysics's picture

Correct.  Gravity has been suspended by decree.  Good luck with that and hedge accordingly because when the supply lines break and the real producers of essential goods and services can no longer provide those goods and services the brown-shirted TSA agents will be coming to force them to do so.  Now where in the history of the world have we seen this before?  Hhhmmmm...

Thu, 01/24/2013 - 15:28 | 3183347 Getting Old Sucks
Getting Old Sucks's picture

It's the final Ponzi

Thu, 01/24/2013 - 13:02 | 3182825 firstdivision
firstdivision's picture

Why didn't they just estimate it?

Thu, 01/24/2013 - 13:02 | 3182827 DavidC
DavidC's picture

And STILL, the stock indices holding on to their gains. Insanity.

DavidC

Thu, 01/24/2013 - 13:16 | 3182870 derek_vineyard
derek_vineyard's picture

 market hit 1500, it is now crashing  (1499)

Thu, 01/24/2013 - 13:31 | 3182921 LawsofPhysics
LawsofPhysics's picture

Yes.  But it isn't a profit until you book the sale.  Speaking of which, excuse me...

Thu, 01/24/2013 - 13:03 | 3182833 Glass Seagull
Glass Seagull's picture

 

 

But wait...stocks are pressing multi-year highs.  They must know someting we don't.

 

 

Thu, 01/24/2013 - 13:06 | 3182836 khakuda
khakuda's picture

Just another excuse to print even more money to make sure we have an epic equity bubble before it's all over.

Thu, 01/24/2013 - 13:12 | 3182840 John Law Lives
John Law Lives's picture

...but...but...but the S&P 500 at 1500 proves all things are peachy keen... right?

FUBAR.

P.S.  I love that image of the KC Masterpiece BBQ sauce on the ISM chart.  Classic humor!

Thu, 01/24/2013 - 14:03 | 3183046 youngman
youngman's picture

Just amazing...a rally in the markets...??????  I see no economic reason....none....and adjusted unemployment number?????.....something stinks...

Thu, 01/24/2013 - 13:10 | 3182842 ebworthen
ebworthen's picture

But wait, what's her name on CNBC's "Fast Money" is saying the markets are doing great because of the "global recovery" and the low unemployment claims? 

Valuations aren't stretched, multiples are low, etc., etc. etc.

Scott VWAPner talking about the "strong markets sending a signal".

Thankfully they had Gina Adams on to put some wheat germ in their cotton candy.

They had sad faces like kids who were told they can't have another lollipop.

Poor things :-(  But are they sad?  No!!!

It's 2007 all over again!

Party on!

Thu, 01/24/2013 - 13:09 | 3182849 Say What Again
Say What Again's picture

Mandy is a great "Talking Head."

She's also good at giving ...

Thu, 01/24/2013 - 14:02 | 3183039 BlueCheeseBandit
BlueCheeseBandit's picture

Except the bimbo rarely speaks in any discussions, at least when the convo gets too fast for her writers to put shit on her TelePrompTer.

Thu, 01/24/2013 - 14:57 | 3183230 Say What Again
Say What Again's picture

She's not there to talk.  She's definitely not there for her brains.

http://www.youtube.com/watch?v=zfvzs_k2Jos

Thu, 01/24/2013 - 13:10 | 3182845 Cognitive Dissonance
Cognitive Dissonance's picture

"Move along. These are not the droids statistics you're looking for." - Obi-Wan Bernanke

 

Obi-Wan Bernanke

Thu, 01/24/2013 - 13:42 | 3182957 LongSoupLine
LongSoupLine's picture

fucking brilliant Cog...thanks for the chuckle (yes, I do laugh)

Thu, 01/24/2013 - 14:52 | 3183214 Cognitive Dissonance
Cognitive Dissonance's picture

I aim to please.

<Mrs Cog would be happy if I just aimed for the toilet bowl.>   :)

Thu, 01/24/2013 - 13:13 | 3182860 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ramp stocks.

Which cup is the pea under ? Nope, not that one, nope, not that one.

Who cares about fundamentals. Some day, they will really be better.

Thu, 01/24/2013 - 13:14 | 3182863 PUD
PUD's picture

DuPont (DD) CEO says sees slow growth, lots of caution  BUT WHAT THE FUCK DO THEY KNOW

Thu, 01/24/2013 - 13:27 | 3182904 wonderatitall
wonderatitall's picture

arrest that man... thought crimes against our dear leader

Thu, 01/24/2013 - 13:13 | 3182868 thismarketisrigged
thismarketisrigged's picture

kansas fed negative?

 

that should be good for 50 dow points to the plus side, 5 s&p points and 20 nasdaq points. lol what a joke

 

we can only hope this is like 2007 again where everything seemed great in the market and it just all comes crashing down, but hopefully next time the fed wont be able to do anything

Thu, 01/24/2013 - 13:54 | 3183015 vote_libertaria...
vote_libertarian_party's picture

It is just like 2007/2008.

 

Market goes higher as the un-adjusted economic data gets worse.

 

(except now we have every bank in the world pumping out funny money with a water cannon...so the crash will take a little longer)

Thu, 01/24/2013 - 13:16 | 3182878 Inthemix96
Inthemix96's picture

Not trying to put a very subtle point across here my friends, but this could be the time that we could reflectively sort this dire situation out.  We could end this cyclical, perpetuating nonsense out once and for all, and stop any unforseen problems to de-rail our forward march into eternal prosperity.

Lets hang these fuckers.  Hang the bastards till they is cold dead.

And, problem solved, (sort of).....

Thu, 01/24/2013 - 13:28 | 3182908 Squid Vicious
Squid Vicious's picture

cleary bullish, another Weekend at Bennie's...

Thu, 01/24/2013 - 13:40 | 3182951 q99x2
q99x2's picture

That's great news. Now where's the dip so I can buy.

Thu, 01/24/2013 - 13:42 | 3182961 LongSoupLine
LongSoupLine's picture

the dips are buying...

Thu, 01/24/2013 - 14:34 | 3183145 Rentier
Rentier's picture

That's nice BS employment number, why not put out the "number of employed".  Because, it would be going very negative and not support their BS agenda.

Thu, 01/24/2013 - 15:42 | 3183391 madcows
madcows's picture

The Leading Imaginary Indicators and Government Statisticians will calculate this as growth, no doubt.

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