Having equaled its highest print since 2009 late last year, the Empire Fed manufacturing survey has tumbled for 3 straight months, dropping to a disappointing 17.7 in January – the lowest since July.
Under the covers it was a disaster with New Orders plunging from 19.0 to 11.9, Number of Employees crashing from 22.9 to 3.8 and Work Hours cratering from 9.3 to just 0.8 – barely growing.
Of course, while reality sank, hope soared, Six-month general business conditions rose to 48.6 from 46.3.
As good as it gets?
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