Despite all of Dick Fisher's promises, [5] The Dallas Fed Manufacturing Outlook had collapsed in the last 4 months (and is down for 6 months in a row - the longest losing streak in history) and April did not disappoint. Against expectations of -12, Dallas Fed printed -16 (the 5th large miss in a row). Silver-lining enthusiasts will note this is a slight rise from 2-year lows at -17.4 in March but remains close to 6-year lows. Of the 15 sub-cmponents only wages and employment were positive (sure why not) as capacity utilization and new order growth rates slowing further. Prices Paid are at their most negative since Lehman.
[6]
Prices Paid and "Hope" Collapsed...
[7]
It appears low oil prices are not a net positive to the Texas economy after all.
Charts: Bloomberg
