After Friday's historic collapse in UMich Consumer Sentiment, the Empire Manufacturing Survey crashed in August from an all-time-high of 43 to 18.3 (massively missing expectations of a drop to 28.5)...
Outside of last March and April's collapse, this is the biggest drop in the Empire Manufacturing sentiment ever.
The NYFed bank’s index of prices received climbed 6.6 points to 46, while a measure of prices paid for materials eased slightly to a still-elevated 76.1. The figures suggest inflationary pressures remain anything but transitory.
Stagflation appears to be kicking in as prices soar and new orders and employment tumble...
The survey was conducted Aug. 2-9, so we suspect things will have gotten even worse since then.