Following last month’s collapse, hopes were high for the Keynesian data mean-reversion to bounce Empire Fed Manufacturing data solidly higher… it didn’t. A small bounce to 10.16 (against expectations of 12.2) is the 2nd miss in a row and below January’s mid-polar-cortex levels. Under the covers, it was even uglier as average workweek and prices received plunged to their lowest levels in 2014 (as prices paid only inched lower – sparking fears over margins). The number of employees also fell (despite a rise in new orders?) but the headline print was saved from worse by a surge in ‘hope’ yet again as the business outlook jumped by 6 points to 47.61 – its highest since Jan 2012!!
2nd miss in a row with only a small rebound
And sub-data was a disaster…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1qcWtik Tyler Durden