After collapsing in August and unable to get up in September, October's Empire Fed bounced very modestly from -14.67 to -11.36 (but missed expectations for the 7th month of the last 8). This is the first time since 2009 that Empire Fed has printed below -10 3 months in a row putting The US firmly in recession territory, the underlying components were ugly with New orders crashing at the fastest pace since Nov 2010. Employees tumbled (as did inventories, although the plunge slowed) with prices received plumbing new cycle lows. In other words, total disaster... time to hike rates.
The headline print is firmly in recession territory...
[3]
As new orders collapse...
[4]
And employment crashed...
[5]
And prices received is the lowest since Dec 2009...
[6]
Charts: Bloomberg
