With all eyes firmly focused on housing data that is adjusted beyond belief and a confidence print that merely met expectations, both the Richmond and Dallas Fed just missed expectations with some very concerning data under the hood. In no particular order – Dallas Fed outlook plunged from 14.5 to 11.8; Dallas employees plunged from 13.9 to 2.8 (and the workweek collapsed); New Orders and production also slumped as any post-weather bounce is buggered. For Richmond, new order volume plunged from 10 to 3 and capacity utilization dropped back below 0; and the outlook for shipments also slid to 3 month lows with employees expected to drop. In short – a total disaster…
While both headlines missed…
The real disaster is under the covers…
So major declines in Production, Capacity Utilization, New Orders, Growth Rate of Orders, Unfilled Orders, Delivery Time, Inventories, Employment, Wages and benefits, Employment and Hours Worked. The offset: a surge in Prices Paid for Raw Materials – more margin pressure…
via Zero Hedge http://ift.tt/1mz0HLF Tyler Durden