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Kansas City Fed In Recession Territory After Respondent "Laid Off 8% Of Workforce In 2 Months"
For the 5th month in a row, Kansas City Fed missed expectations by an inmcreaisngly large amount. May's -13 print is the worst since April 2009, and is the biggest drop since 2009. Every single individual component also tumbled led by orders, backlog, number of employees and average workweek. Firmly in recession territory, the respondents comments are stunningly reminiscent of the great recession (or depression)...
Recession.. .or no recession!?
The breakdown is a disaster...
“We had a good first quarter but the brakes have been applied since the start of May. Looks like our business will be down compared to last May.”
“It is becoming increasingly difficult to find qualified job candidates who are not carrying some form of personal baggage / problem.”
“We are continuing to operate at full capacity but the volume of new orders has slowed significantly with the ongoing cutbacks in E&P expenditures.”
“We laid off 8% of the workforce over the last two months. The low price of oil combined with dropping steel prices has caused adverse volatility in new orders and margins. The strong dollar is beginning to incent unabated dumping of product at prices that challenge our raw material cost from domestic sources. The cost and complexity of government regulation continues to steer even more resources and attention away from productive economic activities.”
“The drop in oil prices has impacted our business severely for the worse.”
“We see no end to the sudden slowdown in business. Our customers also see no turnaround. We have gone to a four-day workweek and still struggle to keep our workers busy.”
Charts: Bloomberg
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"Kansas City Fed In Recession Territory"
Good to see they climbed out of the depression they have been in prior.
Things are going absolutely friggin' swimmingly.....
Mother fucking bullish!
Life is hard in the sunflower fields
Gold...what an investment! :-)
You heard it! BUY Mortimer
LOL, trouble finding candidates without baggage or problems. Now employers are cherry picking to extremes, now they want to know every detail about your homelife as well. Fuck you morons.
If it's anything like here in Indiana half the fucking population is either strung out on meth or going to a methadone clinic.
They are no longer merely accessing educational transcripts, criminal records, civil judgments etc. but perusing credit reports, medical records, and social media postings.
Troubled corporations that refuse to train or advance internally only want healthy, unencumbered, degree holding, spotless credit historied, judgementless, politically correct, over qualified drones at thrid world prices.
The intesifying combination of economic pressures caused by rampant neo-globalist, trans-border arbitragist, merchantilist, dumping of credit and products and labor -combined with burdensom regulation and corruption are crushing domestic industry.
Unrestrained by commensurate labor and environmental and corporate law or balancing tariffs, merchantilist Aisa ( Japan, China, Vietnam, etc.), export-oriented/dependent Germany, and second/third world ( Mexico, India, etc. ) are hollowing out the US.
I'm one of those morons. Guess I am suposed to hire junkies and felons and put them in my customers homes. What could go wrong? Not like I'm going to be held accountable for anything they do, even if someone gets hurt or shit comes up missing after all I'm just the employer. no liability here. /sarc
Can't find good employees?
Pay higher and offer benefits. Cheap poor help is expensive and will cost you your business. Whatever happened to hiring people with with personal skills and TRAINING them? We used to do this.
Many corporations push productivity but hiring right with fair pay will produce more productivity in the long run.
If you are making a good profit, don't forget the folks doing the work!
It is becoming increasingly difficult to find qualified job candidates who are not carrying some form of personal baggage / problem/ smartphone
How did they know about my missing baggage at the airport? Those damned TSA perverts, stealing what they can't grope.
Move to Russia. Working conditions and pay are far superior.
Pack your bags...now git!!
B.S. If you can't find good people look to yourself!
I've worked with about every eight-ball and weirdo in the world and most of them were extremely good at their jobs, just fuck-ups everywhere else. They want sheep though and then can't understand why nobody ever makes a decision or tries to do anything new.....
Kansas City is a third world nation. Possibly even worse if that is possible.
Doing business in that city is a trip. They drive cars so old the town could be called Havana.
They have no appreciation that quality products can cost money and are not available at Walmart prices.
Hmmm, maybe I'm describing most of America.
While singing "Blue Bayou" no doubt.
Very important to have a song to go along with your economic numbers.
yes you can make a funny and call it "blew by you" but Young Grasshopper I must remind you the actual title is STILL "Blue Bayou."
You obviously didn't make it to Johnson County. Pretty difficult to spend a whole day driving around Leawood without seeing a Bentley or an Aston Martin, and at least thousands of top-end BMWs, Mercedes, Audis, and Jaguars.
Kansas City Kansas may be poor, but you'd have to be from Beverly Hills or Dubai or somewhere to think JoCo is poor.
I go N/S through KC about twice a year. After my first trip, I tried the KS side. I always spend the extra time to get into KS and make the transit on that side....and I hate to waste time too, but I don't consider this a waste.
Not exactly sure what part of KC you are in. You need to get away from 39th & Indiana...unless you want crack or a dice game.
Someday we are going to see the government admit the last few years under Obama and the his Federal Reserve chairman Yellen have been a total failure. Nah.
Regardless of what one thinks of this president, you gotta hand it to the 'committee' that selects these individuals. The s-election of this man was nothing short of a master stroke of marketing genius. Of course, his administration's governing capabilities will be looked back upon as something akin to an African nation's governance (gee, can't imagine why...), but by that time, he'll be getting his $reward, just like his predecessor Billy Jeff, is now.
'admit'....hillarious
You need to start at Nixxon.
Yeah and .gov is going around the world telling everyone how to govern and live but they haven't looked in the mirror for a helluva a long time and see what the country is deterioating into.
In a few more decades they may as well call it the US of Hell.
You know we're all fucked when we only come to ZH to read the comments and pay no attention to the articles.
tax free entertainment. plus it fucks with the NSA. They don't know whether to arrest us or suck our dicks.
I'm sure we're all on a digital list somewhere. Dont worry, in the long run, it will be a badge of honor.
What articles?
No need to worry, Steve Liesman is on the case and working on a new model to better show the boom they really are in.
Quit your whining and BTFATH assholes!!
And what do stawks do? Levitate, of course. Sorry, shouldn't waste everyone's time with rhetorical questions.
But they are all shod with a fresh set of Air Jordans.
Fate the Magnificent
"push the Button, Max"
The U.S. and the rest of the global economies are on the verge of an economic implosion. "Recession" doesn't even come close to what is about to go down...
http://www.globaldeflationnews.com/inflation-vs-deflation-part-4is-the-u...
Unacceptable truthiness.
It is becoming increasingly difficult to find qualified job candidates who are not carrying some form of personal baggage / problem
Like this fucker doesn't have his/her own baggage. Fucker wants robot people. Of course the fucking USA .gov on all levels is non-stop creating baggage for all of us. fuckin cunts.
Personal baggage = is white, has a wife and family to feed in the United States, and would very much like to keep them both.
Please defect to the Soviet Union.
NOW, asshole.
just double the seasonal adjustment and roll out some moar stimulus.
Everything is awesome. Just buy moar stawks!
I realize you Zeroes desperately want a recession because you hate America, but there isn't one and won't be one for a long time.
But don't let that stop you from opening another can of Mountain House freeze-dried and shaking like a leaf under the covers at night.
And don't forget to tell the neighbors about the impending collapse so they can have a good laugh at your expense.
got any supporting evidence we are not headed into (or already in) a recession?
Yay!!!!
Actually I think ZH posts want dramatic corrections to the financial system in terms of real fundamentals used to value stocks... like maybe 50% cut/collapse... and want to see a Depression be admitted... and they want TRUTH in MSM, Government, Govt Stats, politicians to start telling the truth about banking, the FED, finance, corruption, and the economy.
But really we should look at how GDP & Inflation numbers are put together. GDP & CPI for a basket of goods don't really serve the people well. They are generic numbers with little meaning to most people.
http://www.shadowstats.com/alternate_data/gross-domestic-product-charts
Even Government Employee wages are inflating, but no one wants to recognize this??
Look at Inflation of Federal Budget.
John Williams seems to say we have a recession from around 2007 onward.
Hey, Stoog
Kinda generalizing a bit, huh? Whatever makes you feel superior to others, dude.
You are saying the economy is in good shape? If that is true (I believe the economy is not in a recession but instead in a very low growth mode), then why is the Fed petrified to raise rates from zero to 25 bps? We currently have negative real rates all the way to the 7 year treasury. The suppression of interest rates by the Fed at these levels is unwarranted economically (especially if we are not in a recession) and is grossly unfair to every saver who cannot take the risk or does not want to take the risk of investing in equities.
Just keep living in your urban 'luxury' highrise. That housing project 5 blocks away? That is where they will come from. And they will eat you. So stay on that organic diet. . .
Whistle louder feller... I see the graveyard upcoming just over yonder ridge. "Hate America" indeed..... you been sleepin' ... that entity is "the United States".. and has been for a long time now.
.Gov is gonna need to negrotiate these statistics.
uhhhhhhh....
Where is the second seasonal logrithmic exponential adjustment? That will make everything better.
Keep calm and revise on.
I would ask how this would affect the Atlant'a Fed GDP Now forecast but the BEA has apparently decided to screw around with the methodology.
[sarc on]
Who cares? Fly over country and just a bunch of hicks.
[sarc off]
I live in the region and people are hunkered down.
Perhaps the Fed bank in KC simply needs to double seasonaly adjust the data and fix this.
But then who cares? Stcks set a new high today so everyone is feelthy rich!