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Another Regional Fed Survey Collapses - ISM Milwaukee Crashes To 2009 Lows
Milwaukee joins the party with its lowest ISM print since April 2009. Based on the regional Fed survey collapse - Dallas, Richmond, New York, Philly, Chicago, and even Kansas City - it's unanimous - they are all flashing recessionary warnings.
ISM Milwaukee fell to 39.44, its biggest drop since July 2012 and lowest print since April 2009
Under the covers the data is a disaster.
- New Orders hammered (35.51 from 47.52)
- Employment plunged (41.88 from 47.04) - lowest on record
- Inventories collapsed (31.25 from 53.57)
- Order Backlog crashed (37.50 from 57.14)
Charts: Bloomberg
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Everything is awesome!
+200 on the DOW......it's a lock.
Bad news for Main St. is great news for Wall St.
Tylers- Haven't seen an article on the velocity of money is a coon's age around here. I think it's that time once again. It ties in with the whole reason why future QE is going to need to get bigger and bigger and bigger to have the same effect. Then maybe wander into what would happen to velocity if central banks actually did "helicopter money".
Helicopter money will never happen in a size that would actually do anything other than attempt to buy votes.
Or, to bribe them into accepting the idea of banning cash.
Need QE4 and NIRP, NOW! Otherwise we have another 1929.
Skip QE4 and just go to QE5........better!
By the time we're on QE9 you'll be begging for this shit.
Yeah, but this QE goes to 11.
At this point, to retain the expected minimum GDP growth of 3%, the M1 money stock would need to increase by 3% / the money multiplier (currently .72) = 4.17%, or $125 bln per annum, or about $10.4 bln per month. This might help explain why the money stock has continued to increase post-QE from $2.86 trln to $3.05 trln, or what I like to call a "stealth QE" of $190 bln.
S&P 2000 here we come! Wheeeeee!
Gold and silver get monkey-hammered on the news.
It's good to know that some things still work.
Obviously the cure for unemployment is a crashing economy....who'd a thunk dat!
Crush Gold regardless, on to the next chearleader on the US recovery!
when I think of Milwalkee, I used to think of the Brewers baseball team.. now I think of muslim refugees.
"Refugees"...Lol. That's what we're calling them today. I thought they were invaders.
Your micro-aggressions are showing.
The Fed has it all figured out you simpletons. At the same meeting they will announce a rate hike AND more QE. Boom! Central banking is too easy.
Except the at this moment the fed is always wrong, BUT NEVER IN DOUBT!
Time for Janet to have another stroke when she backtracks on her backtrack.
What a fucking nightrmare.
It's just beginning if you are a #'s guy, #'s like 2015.75.
PM's getting clobbered this AM.
I can't wait for the vertical jumps on no volume all day long.
I was looking forward to paying less than I did for gas last year with oil $35 more, but I'm sure we'll see a massive leap in the gasoline contract today to make that nothing but a dream.
Um, Milwaukee is not the home to any regional Federal Reserve Bank. There's one in Chicago and one in Minneapolis, but not one in Milwaukee. This chart may have been the Brewers' team batting average.
Hmm..you may be right.
You should totally ignore this and just carry on with the recovery.
Milwaukee is a main manufacturing hub, esp. highly machined tooling and machinery. They have the biggest drop forges in the world and they are active. When a town like MIlwaukee slows down, it is perhaps a better indicator than a place like St. Louis or Minneapolis.
milwaukee has a regional bank?
"Good news milwaukeans, cheese futures are up!"
"Beer consumption is Up!"
"Everything is up! Hell, I even have a woodie!, Bulltard or Dudley must have said something dirty! Honey, come quick!"
elsewhere in flyover country about 300 miles from Milwaukee, the phone volume to place orders has dried up. For the last several weeks order volume has slowly decreased to now only a trickle and this is for very basic auto related material.
In one of the two markets serviced, no part over $150 can be sold. People so broke they can't afford it. We can't sell it at $150 and stay in business.
The other market some pockets of wealth still exist but price competition is fierce.
But the phone volume is the worst it's been since 2007.