Against expectations of a +25 print, US Empire State Manufacturing Survey collapsed in January into contraction at -0.7. This is the 3rd biggest MoM drop in history (with only March and April 2020 worse)...
This is the second biggest miss against Bloomberg consensus in history.
"After eighteen months of positive readings, the general business conditions fell a steep thirty-three points to -0.7," the New York Fed said
An index of new orders dropped 32.1 points in January to -5, while the shipments gauge slumped 26.1 points to +1.
The average workweek and employment also showed a slower rate of expansion.
The price outlook also firmed, with indexes of future prices paid and received climbing the highest in data back to 2001.
Omicron strikes... just as The Fed is about to embark on its most aggressive tightening plan in years.