Beating expectations by 5 standard deviations...
Respondents to the Empire Fed's Manufacturing Survey have not been more exuberant about America since Oct 2009.
This continues the recent trend of incredible survey-based beats as hard data remains unimpressed...
The only thing that is odd about this monstrous number is the plunge in new orders... and prices paid... and work hours ... and inventories.
- Prices paid fell to 27.3 vs 35.8
- New orders fell to 18 vs 24.9
- Work hours fell to 0 vs 5.7
- Inventory fell to -7.8 vs 6.5
So what drove the spike? Simple - Hope!!
- Six-month general business conditions rose to 44.8 vs 39.3