August's regional Fed survey collapse was unanimous... Dallas [6], Richmond [7], New York [8], Philly [9], Chicago [10], and even Kansas City [11] all flashing recessionary warnings. And so now we begin to see September's data and Dallas Fed prints -9.5 - the 9th negative (contractionary) print in a row. While a small beat (against -10 exp.) and rise from August's -15.8, under the surfacxe the data is a disaster with wages lower, employees contracting drastically, and average workweek collapsing. Having noted that "the quantitative easing hangover is starting" in August [6], it appears - judging by the biggest plunge in Capex in 5 years.
The headline survey has now been in contraction for 9 straight months...
Charts: Bloomberg
With CapEx collapsing...
Charts: Bloomberg
Just six short months ago, [14](now former) Dallas Fed head Richard Fisher was ushered on to the propaganda channel to puke out platitudes about how low oil prices was "net positive for Texas," because Texas is a diverse state and being a consumer society, it's "good for everyone."
Yeah - not so much Dick...


