In a stunning miss to expectations, March's Dallas Fed Manufacturing Outlook survey crashed like never before (from +1.2 in February to -70.0 - massively below the -10.0 expectation).
As you can see, this is the weakest level ever and the most aggressive collapse ever. As one trader mocked when the data hit, "...is that a bad print?"
The measures production and new orders both were lowest since 2009.
The figures are consistent with severe declines in other regional gauges as unprecedented shutdowns freeze large parts of the industrial economy. Regional Fed bank measures of manufacturing in New York, the Philadelphia area, and Kansas City district all showed record monthly declines.
Of course, Texas has been hit with both barrels of collapse as the oil price war and national virus lockdown crush markets.