Despite multiple survey results sinking in recent weeks, it appears surging oil prices have sparked euphoria in the Dallas Fed region as their business survey just hit its highest level since 2005.
Dallas Fed hit 37.2 – smashing expectations of 30.0 – and well above the highest analyst estimate of 34.
New orders slipped modestly for the 2nd month in a row but production jumped, as did wages, employment, and hours worked.
The only cloud on the horizon is that hope (6mo ahead) fell to 3-month lows.
via Zero Hedge http://ift.tt/2EWBWY0 Tyler Durden