Against hope-strewnm expectations of a bounce from -4.6 to -4, Empire Fed printed a disastrous -19.37 - the largest miss on record. New orders collapsed, shipments plunged, and employees and workweek continue to contract. Forward-looking employment expectations also plunged. The last time Empire Fed crashed to these levels was the immediate aftermath of the Lehman bankuptcy and the global financial crisis and the peak of the recession in 2001... but we are sure this is just transitory.
Not "off the lows"
[4]
Storm in a teacup?
