Following last month's biggest plunge in 2 years to 4-month lows [3], it is likely no surprise that the soft-survey-based Empire Fed index exploded to 27.5 (smashing 15.71 expectations) to its highest since October 2009. Of course - away from the headline exuberance, employment plunged to its lowest since 2013, the average workweek slipped, capex expectations plunged, and new orders barely rose (while Prices Received soared). Seems like seasonal adjustments played a strong hand in this exuberance... given hardly any sub indices jumped.
Headlines hits 5-year highs...
[4]
as employment pluinges to 2013 lows...
[5]
Chart: Bloomberg
