"As Good As It Gets?" - Empire Fed Tumbles To 5-Month Low As 'Hope' Fades

Despite a modest rise in employees and workweek, new order growth slowed in September according to the New York Fed and 'hope' in the Empire State business survey tumbled to its lowest since April.

The headline Empire State survey print was also at its weakest since April (just above the lowest economists' estimate) but again it was the forecast 6-months ahead of a declining capex and tech spend that spooked some investors most (as well as expectations for a shrinking workweek)...

It seems that this - according to the soft survey data - is as good as it gets.