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Dallas Fed Manufacturing Outlook Crashes To April 2013 Lows
The Dallas Fed manufacturing outlook plunged in January - despite Richard Fisher's claims that "everything is awesome" and low oil prices are a net positive for Texas - so it is perhaps not surprising that - with a backdrop of rig count collapses and oil price lows - February's data (delivered late) plunged-er to -11.2 (against expectations of -4 - 3rd miss in a row - well below every economist's estimates). This is the lowest since April 2013. This is the fastest 3-month decline since April 2013.
Big miss... to April 2013 lows... 3rd miss in a row
Well below every economists estimates...
For the biggest 3 month drop since April 2013...
Breakdown...
To come - Dallas Fed data is delayed
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Is anyone really surprised? Except of course Richard Fisher and his esteemed colleagues in the business community in Texas believe that the collapse in oil prices is a net positive for Texas:
"we will lose about 150,000 [oil-based] jobs, but we will pick them up elsewhere since we are a consumer society," and low oil prices is good for everyone.
Well apart from the absurdity of that statement to start with, the facts are...
Texas initial jobless claims are surging...
Retail spending shows absolutely no sign of low-gas-price tax-cut 'stimulus'...
and Texas' business indicators are tumbling...
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Charts: Bloomberg
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Won't make a difference unless it breaks 2011 lows. Even then it may not matter.
this of course would explain why the Dow is erasing this mornings losses in the last 30 minutes of trading in London - again...
Dick Fisker's "Dallas Fed" has just been discovered to be a trillion dollars in Eye Owe's You...
BTFD
Beyond the Twilight Zone. It just never ends.
Yes...that should be Zero Hedge's motto for the New Normal.
"Beyond the Twilight Zone...there is the Central Planing zone." *music* doo dee doo doo doo dee doo doo
All is well!!!!!! Remain calm!!!!!
The United Steelworkers union strike that overtook five Houston refineries has spread to the largest U.S. refinery.
http://www.bizjournals.com/houston/morning_call/2015/02/texas-steelworke...
Moar signs of the Robust Recovery!
Great timing with all the new unemployed looking for work in a right to work state.
zee qe infinitee!
WOW that news was solid enough to drive gold back into negative territory.....Theatre of the Absurd is marching on and on and on! To those that keep hoping that BRICS are going to clean out the physical gold and bring some rational markets all I can say is what the heck are they waiting on?
Bullishish!
Let's also not forget that Texas is where a huge amount of office space is under construction:
http://www.zerohedge.com/news/2015-02-11/houston-you-have-huge-problem-one-sixth-us-office-space-under-construction-texas-cit
I'm sure they'll have no problem filling it.
Negative is the knew positive. Gambling revenues are dependent on movement, like a wind generator. The market "spirits" need ups and downs to get anyone to place a bet. There is no money in zero change. Given that there is very little opportunity for things to substantially move up in fundamentals, it would seem the best place to make a killing on negative news. We are fucked when the only real money to be made is on collapse. We have put a "contract" on our own head.
"we will lose about 150,000 [oil-based] jobs, but we will pick them up elsewhere since we are a consumer society," - roughnecks easily assimilate into the Starbucks associate training program. The pay is nothing alike but they get to work with black liquid, which keeps the PTSD at bay.
It's the weather!
Dick Fisher (sounds like a gay porn star) is so full of it it. He obviously has designs on moving up on the Marie Antoinette Top 40. This just in Obama going to announce all that office space under construction in Houston is going to be converted to condo's for his Illegal Alien Amnesty program.
Can we save the word "crash" for an actual crash? A small move to well above the bottom of a two year range is anything but a crash. Click bait central around here.