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Empire Fed Manufacturing Misses 2nd Month In A Row, Workweek Plunges
Following last month's collapse, hopes were high for the Keynesian data mean-reversion to bounce Empire Fed Manufacturing data solidly higher... it didn't. A small bounce to 10.16 (against expectations of 12.2) is the 2nd miss in a row and below January's mid-polar-cortex levels. Under the covers, it was even uglier as average workweek and prices received plunged to their lowest levels in 2014 (as prices paid only inched lower - sparking fears over margins). The number of employees also fell (despite a rise in new orders?) but the headline print was saved from worse by a surge in 'hope' yet again as the business outlook jumped by 6 points to 47.61 - its highest since Jan 2012!!
2nd miss in a row with only a small rebound
Much of the subdata was a disaster, if only for the present:
as Hope trumps reality once again...
From the report:
The prices paid index inched down to 10.6, its lowest level in more than two years, pointing to a fairly slow pace of growth in input prices. The prices received index recorded its lowest reading in a year, falling seven points to zero in a sign that selling prices were flat. The index for number of employees edged down to 8.5, indicating a modest increase in employment levels. At -7.5, the average workweek index reflected a decline in hours worked for a second consecutive month.
But that's ok, because one can pay their bills with Hopium:
Indexes for the six-month outlook were generally higher this month and conveyed a strong degree of optimism about future business conditions.... Indexes assessing the six-month outlook generally rose this month, and conveyed considerable optimism about future business activity. The index for future general business conditions climbed six points to 47.6, its highest level since January 2012.
Which probably explains why algos promptly filled the 20 pip drop in the USDJPY upon the headline miss. Because there is always hope the central banks will get it right next time.
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However, the manufacture of bullshit and lies is looking quite bullish.
The libor rate can't change once it's maxxed out it's debt.
"January's mid-polar-cortex levels"
Isn't the Polar Cortex where Superman has his Fortress of Solitude?
Dear Leader Obama used eminent domain years ago to take it and turn it into the headquarters for ACORN. Community agitating, baby!!! Hope-n-change. Who needs an economy when one can yell about things all day and get paid for it (by taking other people's money).
Forecast is extra chunky.
PolarBola Vortex bitchez!!
PelosiObola Vortex you mooks!
Fixed it..
Polar cortex = major brain freeze.
outer layer of the cerebrum (the cerebral cortex ), composed of folded gray matter and playing an important role in consciousness
BiPolarBola with a lemon twist.
strong USD isn't gonna help much.
Infotrap: Anthony Freda’s 9/11 Truth art accepted in official museum, remixes Kim Kardashian pic
HOPE...the only saleable commodity left in our economy, and it's price increases as its value declines.
To me, it's just a made up word. A politician's word, so young fellas like yourself can wear a suit and a tie, and have a job... [/Red]
"Neo- Keynesian" data you mean?
Bureau of Lies and Scams (BLS) must continue the recovery story.
Is this seaonally adjusted hope or actual hope?
Tangible Hope.
More insanity.
DavidC
is that the best they can do with FAKE numbers..... yesh !
In the bold print there's the term "polar cortex"; now I know where "brain freeze" originates!
One of life's great mysteries solved!
If they say that hrs worked dropped by 7.5 then the following/corresponding drop in productivity should be very predictable?
Add some E-Pola-Vortex with some black khorrant isis on top and...
We will continue to circle the drain like a big dumb, hopeful floater.
Thank god there's a recovery.
“Go back to bed, America. Your government has figured out how it all transpired. Go back to bed, America. Your government is in control again. Here. Here's American Gladiators. Watch this, shut up. Go back to bed, America. Here is American Gladiators. Here is 56 channels of it! Watch these pituitary retards bang their fucking skulls together and congratulate you on living in the land of freedom. Here you go, America! You are free to do what we tell you! You are free to do what we tell you!”? Bill Hicks
Bullish!!! </s>
"...was saved from worse by a surge in 'hope'" LOL!!! Hope-n-change, people! Get with the program. Fewer people employed, prices skyrocketing, decent jobs going away, illegal aliens flooding in to illegally take jobs that Americans won't do - like carpenters, health insurance rates doubling (thanks Obamacare), government ratcheting up their strangulation of the economy. Looking rosy, people. Hope.
I live in upstate NY. We have widespread cerebral polar vortex shutdown with a chance of (lake effect) flurries in the cities (Rochester, Syracuse, Buffalo, in no particular order) while a deflationary vortex vexes the PTB in the rural towns and villages. One symptom of the disconnect between upstate and down (Albany and NYC) are the many communities voting to consolidate towns and villages into smaller government units.
Lower taxes, bitchez. Chew on that awhile, Emperor Cuomo!
Get out of the cities, asshats. Life really is better in the country. Fewer a-holes, fewer liberals (same thing, I guess), more farms, farmers, guns, self-determination.
The FED's Empire State Index is, as usual, a Wall Street concoction, and Wall Street is, and has been, failing since 2007.
Fail on!
There is nothing else folks. Get people to spend money they don't have, on crap they don't need, or it all fails. Push stocks higher, get the "wealth effect" to help the little people through trickle-down. Tell everyone how great things are and push them to borrow cheap Fed $ and buy more stuff. Six I-Phones, minimum per person. Can't afford another one? Lease it. Repo man nailed the SUV, get a 10-year loan for another one. Millions living from paycheck to paycheck, but they all keep buying useless crap. Government spending can never be cut without massive civil unrest. The entitlement society won’t accept cuts to Social Security, Medicare, Medicaid, veterans benefits, EBT, etc. etc. Can’t find work, file a disability claim, get monthly checks for life.
When does it all fall apart? Who the hell knows? Bears have been mortally wounded, and the Fed is a long way from throwing in the towel and watching it all collapse.