Empire Manufacturing Misses For 7th Month Of Last 8; Outlook Plunges

Tyler Durden's picture

Since July of last year, the Empire Fed manufacturing index has only beaten expectations once as March data once again fell below consensus (5.61 vs 6.5 est.) - hardly confirming the weakness is weather-driven. The underlying sub-indices were ugly with the most worrisome being the outlook - despite some optimism for capex, the general business conditions 6-months ahead fell by the most since Oct 2011 to its lowest since July 2013 - which once again suggest this weakness is anything but weather-driven. The number of employees fell as inventories rose but the margin-compressing divide between prices paid and prices received is concerning.

 

 

And hope is fading:

 

 

Preices Received plunged back in line with Prices Received - suggesting hope for margin expansion is long gone...

 

Charts: Bloomberg