We are now four-for-four (five-for-five if we include the drastic downward revisions in the Chicago PMI) for regional Fed business outlooks taking a serious (and consistent) turn for the worse. Kansas Fed manufacturing just missed expectations turning negative once again. Amid the sub-indices (which were broadly weak) was a plunge in employment as it fell to August 2009 levels. This weakness in Kansas follows Richmond's quadruple dip [5], Empire State's weakness [6], and Philly's major miss [7] and in aggregate suggests a very weak ISM to come. Of course, all of this flies in the face of today's US PMI which beat expectations and pushed to recent highs.
Kansas City Fed Employment Subindex...
[8]
and combined with the other real-time surveys points to considerable weakness to come in ISM...
[9]
(h/t @Not_Jim_Cramer)