Recession Looms As Dallas Fed Manufacturing Contracts 11th Month In A Row

Following Milwaukee Fed weakness, Dallas Fed Manufacturing printed -4.9 (better than expectations of -10 and up from October's -12.7). This is the 11th monthly contraction (sub-50) in the index, something not seen outside of a recession. Prices paid and received tumbled, wages dropped and new orders contracted once again but number of employees and average workweek both jumped? Despite all the promises from former Dallas Fed Fisher, it appears the economy is not so diversified after all.

 

 

New orders and new orders growth rates remain in contraction... so it's kind of odd that the workweek surged?

 

Of course, hope leads the way with the 6 months outlook jumping to its highest since July.

 

Charts: Bloomberg

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