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Empire Fed Misses (Again), Contracts For 4th Straight Month As Average Workweek Collapses
For the 4th month in a row, and 9th month of the last 10, Empire Fed Manufacturing survey missed expectations printing -10.74 (against expectations of -6.34). This is the 4th monthly contraction - the longest streak of contraction outside of recession. Future outlook (hope) dropped to recent lows as New Orders have now contracted for 7 straight months, and number of employees shrinks once again as the average workweek collapsed to the lowest sicne July 2011.
Recession anyone?
As the average workweek collapses...
Charts: Bloomberg
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Market is actually down on this news?
I thought bad news is always good news in US financial markets. Manipulated markets are so confusing.
You know it's getting serious when bad news is bad news.
It is not over till the day or week is over. Watch the volatility and note that Gold & Silver have been held down and I'll bet that oil goes up today and back to new lows by the end of this week.
BTFD time no?
Something about raising rates? Or was that just the wind whistling outside?
this means MOAR!
MOAR QE!
Bernanke says next step is printing money and sending it to people that spend (deserving).
A Fed sugar high. Now that's inflationary.
After that collapses it gets interesting.
This is looking to be a very sad Ex-mas.
owebombascare is the grinch that stole xmas
Please say it again; it needs repeating...using a tax for GDP calculation...."Jokers R US", the wallstreet motto.
All I got for Christmas was Govt Cheese! Oh and a piece of coal.
Thats a pretty big drop and fast too...things are changing fast....now with the French attack...you can bet travel is going to slow fast also...get ready to cocoon folks....that is next...
I am waiting for one of the big retailers to have a survivalist section in their stores....I bet Walmart is the first....clothes...toys...survival items.....lol...their little smiley face will have a frown...an angry face...lol
And in conjunction with The BDIY, theres going to be a ton of surplus crap even with lower New Orders. People are buying ammo for xmas.
This statistic should be done on a per-capita basis. So, it should look worse than it does.
Shout-out to aggregate hours worked per-capita.