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Dallas Fed Manufacturing Outlook Crashes To April 2013 Lows

Tyler Durden's picture




 

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

 

 

*  *  *

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...

 

*  *  *

 

Charts: Bloomberg

 

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Mon, 02/23/2015 - 11:58 | 5818401 Osmium
Osmium's picture

Won't make a difference unless it breaks 2011 lows.  Even then it may not matter.

Mon, 02/23/2015 - 11:59 | 5818403 Kaiser Sousa
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this of course would explain why the Dow is erasing this mornings losses in the last 30 minutes of trading in London - again...

Mon, 02/23/2015 - 12:04 | 5818423 disabledvet
disabledvet's picture

Dick Fisker's "Dallas Fed" has just been discovered to be a trillion dollars in Eye Owe's You...

Mon, 02/23/2015 - 11:59 | 5818406 B2u
B2u's picture

BTFD

 

Mon, 02/23/2015 - 12:02 | 5818417 monopoly
monopoly's picture

Beyond the Twilight Zone. It just never ends.

Mon, 02/23/2015 - 13:11 | 5818657 Temporalist
Temporalist's picture

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

Mon, 02/23/2015 - 12:06 | 5818425 Puncher75
Puncher75's picture

All is well!!!!!! Remain calm!!!!!

Mon, 02/23/2015 - 12:16 | 5818461 847328_3527
847328_3527's picture
Texas steelworkers walk out of largest U.S. refinery, 20 percent of U.S. production hit

 

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!

Mon, 02/23/2015 - 12:55 | 5818610 KnuckleDragger-X
KnuckleDragger-X's picture

Great timing with all the new unemployed looking for work in a right to work state.

Mon, 02/23/2015 - 12:06 | 5818427 buzzsaw99
buzzsaw99's picture

zee qe infinitee!

Mon, 02/23/2015 - 12:08 | 5818433 KansasCrude
KansasCrude's picture

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?  

Mon, 02/23/2015 - 12:11 | 5818437 Dungholio
Dungholio's picture

Bullishish!

Mon, 02/23/2015 - 12:13 | 5818448 SpanishInquisition
SpanishInquisition's picture

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.

Mon, 02/23/2015 - 12:18 | 5818465 Oldwood
Oldwood's picture

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.

Mon, 02/23/2015 - 12:28 | 5818504 Mike Honcho
Mike Honcho's picture

"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.

Mon, 02/23/2015 - 12:32 | 5818517 MeelionDollerBogus
MeelionDollerBogus's picture

It's the weather!

Mon, 02/23/2015 - 12:45 | 5818566 KansasCrude
KansasCrude's picture

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. 

Mon, 02/23/2015 - 13:12 | 5818661 Casserole of no...
Casserole of nonsense's picture

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.

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