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"The Quantitative Easing Hangover Is Starting" - Dallas Fed Dead-Cat-Bounce Collapses To Post-2009 Recession Lows

Tyler Durden's picture




 

With the biggest miss sicne April 2013, Dallas Fed's 2-month dead-cat-bounce has collapsed to -15.8 (against expectations of -4.0). This is practically the weakest level for the manufacturing index since 2009. The entire report is a disaster - Fisher's exit seems well timed? - as New Orders crash from +0.7 to -12.5 and Pries Paid craters from +0.1 to -8.0.Even worse, 14 of the 15 'hope' indicators declined and as one respondent warned "the quantitative easing hangover is starting." We have 3 simple words - "not unequivocally good."

Worse!

 

Under the surface the responses were really ugly, with 14 out of 15 forward-looking indicators all hinting at contraction.

 

Here are the best survey responses:

  • "The quantitative easing hangover is starting."
  • Overall business is slowing.
  • " New orders have dropped to half of what they were last year. Capital project equipment continues to be sourced in China and Korea as the owners are chasing every dollar of savings possible. We had our first layoff in 15 years."
  • "Oil and gas prices, weather, world outlook and politics make for a poor forecast" 
  • "All our time is spent complying with increasing government regulations."
  • "The strong dollar has significantly impacted our export business. We have balanced this with domestic growth."
  • " We are deeply concerned about the markets and the effects they are having globally" 
  • " The interest in manufacturing has increased; however, the orders have not followed."
  • " The continued decline in the West Texas Intermediate crude oil price is expected to soften the demand for our basic fabricated products" 
  • " August will be our worst production and delivery month since March 2014."

Charts: Bloomberg

 

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Mon, 08/31/2015 - 10:43 | 6490102 Tsar Pointless
Tsar Pointless's picture

SHHH!!!!! Don't you have common courtesy? Please! Don't disturb the dip-buyers.

Mon, 08/31/2015 - 11:25 | 6490295 Consuelo
Consuelo's picture

"...Followed by millions of dumbfounded DIP-shits.

Some say the end is near.
Some say we'll see armageddon soon.
I certainly hope we will cuz
I sure could use a vacation from this

Silly shit, stupid shit..."

Mon, 08/31/2015 - 12:52 | 6490695 Citium
Citium's picture

TOOL!!! lol

Mon, 08/31/2015 - 10:45 | 6490108 the not so migh...
the not so mighty maximiza's picture

we are all greeks now

Mon, 08/31/2015 - 10:50 | 6490132 Enki Anu
Enki Anu's picture

We emptied the wallet of some Folks. No more cash to buy.

Mon, 08/31/2015 - 10:47 | 6490115 Dr. Engali
Dr. Engali's picture

Lol.......... This is probably a good time to start normalizing rates. Quick question; If the markets never set the rates in the first place, how do we know where normalized is? 

Mon, 08/31/2015 - 10:49 | 6490121 NoDebt
NoDebt's picture

Terrist.  Do not question your betters.

Mon, 08/31/2015 - 11:01 | 6490163 Dr. Engali
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I'll be right back, there are some nice young men dressed in black at the door.........

Mon, 08/31/2015 - 11:10 | 6490207 Winston Churchill
Winston Churchill's picture

Brooks Bros. armored vest ?

Mon, 08/31/2015 - 11:15 | 6490235 BandGap
BandGap's picture

Jehovah Witnesses?

Mon, 08/31/2015 - 11:04 | 6490176 F0ster
F0ster's picture

Yeah 'normalization' is you shutting your pie hole and not asking that question. Your job is to be managed by career Parasites.

Mon, 08/31/2015 - 11:06 | 6490186 Hankster
Hankster's picture

normalized is the rate that exists when the FED doesn't exist

Mon, 08/31/2015 - 10:48 | 6490119 NoDebt
NoDebt's picture

Bah, it'll be fine.  You'll see.

Mon, 08/31/2015 - 10:50 | 6490133 lunaticfringe
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I don't have money for anything except taxes and Obamacare.

Mon, 08/31/2015 - 10:57 | 6490151 Unknown Poster
Unknown Poster's picture

It's unseemly to brag about your wealth.

Mon, 08/31/2015 - 10:56 | 6490146 Keltner Channel Surf
Keltner Channel Surf's picture

QE Hangover?  Is it too late for Fischer to beat a raw egg, add to freshly-fizzing Alka-Seltzer with a few drops of Tabasco, while the rest of us reach for the ipecac?

Mon, 08/31/2015 - 10:59 | 6490158 Tyrone Shoelaces
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If everyone would just rush out to the malls and big stores and start buying shit, everything will be fine.

 

 

Right?

 

Mon, 08/31/2015 - 11:17 | 6490233 White Mountains
White Mountains's picture

Wrong.  The government strips away 40% of the profits from small businesses in the form of taxes.  There is no seed corn: it's been confiscated and re-distributed to "entitlements".  Next up: starvation and empty shelves.

Mon, 08/31/2015 - 11:21 | 6490267 MalteseFalcon
MalteseFalcon's picture

I just bought some socks.

Your turn.

Mon, 08/31/2015 - 12:20 | 6490580 RaceToTheBottom
RaceToTheBottom's picture

I bought some Scotch.

I am helping two economies....  But finished it before reaching the cash register, where I put it on a credit card.  Must help the Bnksters....

Mon, 08/31/2015 - 11:04 | 6490175 Omen IV
Omen IV's picture

Fed & Obama pretending until you get to the election isnt going to be possible  - game is coming in fast - cant control the false reporting of all the metrics - people are wising up to the manipulation

 

 

Mon, 08/31/2015 - 11:05 | 6490178 SHsparx
SHsparx's picture

Someone explain to me, an economic idiot, why the gdp is so high then

Mon, 08/31/2015 - 11:15 | 6490240 arbwhore
arbwhore's picture

random number generator

Mon, 08/31/2015 - 11:19 | 6490259 Mark Urbo
Mark Urbo's picture

Same reason the unemployment rate is low...

Mon, 08/31/2015 - 11:22 | 6490276 Osmium
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Where the hell is The Goldman Swirlogram?

Mon, 08/31/2015 - 11:22 | 6490277 csmith
csmith's picture

We have the worst of both worlds, especially in energy, thanks to government. The huge deflationary wave that SHOULD be boosting both the demand for energy and real purchasing power as a result of the collapse in prices is PROHIBITED from flowing through to the average Joe by the bankers and bureaucrats. We must have 2% inflation to protect THEIR JOBS!

Mon, 08/31/2015 - 12:36 | 6490635 Arthur Schopenhauer
Arthur Schopenhauer's picture

I have a pond out at the back of my property and an alligator lives in it. The pond is drying out, and that son of a bitch is gettin' really mean.

Mon, 08/31/2015 - 14:44 | 6491213 hwwesq3
hwwesq3's picture

But Rick Perry is Governor.  This report must be liberal BS!

Mon, 08/31/2015 - 15:44 | 6491599 Rusty Nayle
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#deadcatbounce

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