New York Fed Manufacturing Survey Tumbles As 'Hope' Hits 8-Month Low

Tyler Durden's picture

While all eyes focused on the ISM/PMI 'soft' survey data to support the fantasy of a strong economy (as 'hard' data crashes to two-year lows), The New York Fed just poured some cold water on the hype. Empire State Manufacturing survey tumbled in July with 'hope' plunging to its lowest since Nov 2016.

While the headline priont dropped (from 19.8 to 9.8, missing expectations of 15.0), it was the expectations index that really plunged (from 41.7 to 34.9 - lowest since Nov 2016)...

Almost across the baord weakness was seen in the underlying components - new orders, employment, inventories, shipments, and average workweek all plunged in July. Only pricesd paid rose modestly, perhaps signaling more stagflationary pressures looming.

As a reminder, soft data had been picking up recently (even as hard data crashed)...

Fool me once...

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NoWayJose's picture

Trump was the 'hope' - but a do-nothing Congress has pretty much ended all hope.

silverer's picture

I only wish Congress did nothing for the last 40 years. We'd all be better off now.

All Risk No Reward's picture

But we have Trump beating up on a media that isn't going anywhere... That's all that is required for "winning!"

Right?

Right?

Who cares if a Goldman Sachs Skull and Bones operative is running Treasury under Trump.

That's no big deal, right? Or all the other Goldman Sachs operatives filling Trump's swamp? At least it is Trump's swamp... because he care so veddy, veddy much about you.

He isn't a two-bit huckster like, well, like he's been his whole life, right?

rejected's picture

Doesn't matta

Just BTFD

FreeNewEnergy's picture

Empire State?

An empire built on corruption, welfare, fraud, punitive taxation and a $15 minimum wage (on the books and due in 2020).

Our glorious leader, Governor Andrew Cuomo oversees the second largest criminal enterprise (to Washington, DC) in the United States, known as the NY state government. He is nothing more than a mob boss, dressed up to look respectable.

While Trump may want to drain the swamp in DC, but here in New York, we need a massive sinkhole in which to drown all the criminals in Albany. New Rochelle may be a suitable location.

The governorship is up for election in 2018. Cuomo must go.

In 2014, Rob Astorino, Westchester County Executive, took 46 or the 62 counties in NY state. Cuomo won 16, including all of the counties around NYC and the counties which included uspate armpits, Buffalo (Erie) and Syracuse (Onondaga), though Astorio took Rochester (Monroe) by about 3000 votes.

Cuomo beat Astorino, 52%-40%, four other candidates took the remaining 8%. Outside NYC, Astorino won by about one percent.

Cuomo is beatable. He lost 9% of the vote from 2010, while the Republican, Astorino, picked up 8%. Turnout was one of the lowest in state history, at 33.2%. If upstate can turn out 70%, Cuomo is history. He's currently preening himself for a run at the presidency. Let's not let that happen by dumping him in 2018.

Astorino must run again!

Falling Down's picture

Don't forget the corruption within the SUNY Poly, or whatever it's called, and the ties to the Buffalo Billion.

The media in Buffalo are finally waking up to the fact that the SolarCity panel factory will most likely be a bust, and they only recently reported that production hasn't even started yet, in fact they haven't hire any production workers.

It was all a scheme to line the pockets of the construction co's and other contractors, and the stuff the construction unions' pockets, too. Now they'll have an empty factory.

Cuomo must know that time is running out for him and his criminal enterprise. He's in bed with the Clintons, so he must feel vulnerable after Hillary lost, and now some of hers and Obammy's people are under investgation. I foresee a major federal investigation of Princess Andy and his cohorts, in the near future.

silverer's picture

When they say "low", it's not bad news. It's a buying opportunity. Everything has been redefined. Now, they bring back to life just about anything that can crash, be killed, or bought and sold.