Empire Fed Survey Crashes By Most Ever To 11-Year-Lows

After what appears now to be pure hope-driven rebound in February – despite all real world signals screaming otherwise – the Empire Fed’s Manufacturing Outlook survey just crashed by the most on record to its lowest since April 2009…

The Federal Reserve Bank of New York’s general business conditions index fell 34.4 points to -21.5…

Source: Bloomberg

The survey responses were collected between March 2 and March 10.

Manufacturers in New York expect a gloomier future too. The index of future business conditions also dropped to an 11-year low. A gauge of shipments fell to the weakest level since September 2016, and the index of the average employee workweek slumped to its lowest level since December 2015.

The Empire State survey is the first of several regional Fed manufacturing indexes to be released for the month. Others for areas including Philadelphia, Richmond and Dallas will be released throughout the month.

We suspect those rebounds will all be devastated.