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Dallas Fed Manufacturing Contracts For 9th Month In A Row As Jobs, Workweek, & CapEx Collapse
August's regional Fed survey collapse was unanimous... Dallas, Richmond, New York, Philly, Chicago, and even Kansas City all flashing recessionary warnings. And so now we begin to see September's data and Dallas Fed prints -9.5 - the 9th negative (contractionary) print in a row. While a small beat (against -10 exp.) and rise from August's -15.8, under the surfacxe the data is a disaster with wages lower, employees contracting drastically, and average workweek collapsing. Having noted that "the quantitative easing hangover is starting" in August, it appears - judging by the biggest plunge in Capex in 5 years.
The headline survey has now been in contraction for 9 straight months...
Charts: Bloomberg
With CapEx collapsing...
Charts: Bloomberg
Just six short months ago, (now former) Dallas Fed head Richard Fisher was ushered on to the propaganda channel to puke out platitudes about how low oil prices was "net positive for Texas," because Texas is a diverse state and being a consumer society, it's "good for everyone."
Yeah - not so much Dick...
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Moar buybacks should fix the CapEx problems. Rate hike imminent bitchez!
I thought buybacks WERE Cap-Ex.
It's the "Stawk Market 3-Step":
1) issue bonds to raise cash;
2) stawk buybacks to prop stawk up; and,
3) Upper Management, CEOs and BOD cash in their options.
... then default later after everyone's cashed out and has resigned and/or moved on.
Nothing to see here, move along......
Yes, but it's getting worse at a declining rate.
- Every CNBC commentator
Well even in freefall, you eventually reach terminal velocity.....
United States Dallas Fed Manufacturing Business Index climbed from previous -15.8 to -9.5 in September
Maybe the goverment can buy the city and towns more Chevy police cars to boost the numbers . Rediculous the scam that has been taking place the last 7 years, makes the savings and loan scam look like a drop in the bucket .
His name is Dick for a reason.
"its not the fall that hurts its the landing"