A collapse in new orders and the order backlog combined with a plunge in wages, average workweek, and number of employees has left the Richmond Fed contracting for the 3rd month in a row. The last three times this happened, The US was either in recession or The Fed unleashed QE3.
So Recession... or moar QE?
[4]
The entire survey was ugly but wages saw the biggest crash since May 2011...
[5]
Time to hike rates?!
Charts: Bloomberg
