Following flash PMI’s drop, another early August indicator has collapsed as Richmond Fed’s manufacturing survey plunges to -11 (lowest since Jan 2013) missing expectations of +6. The plunge from July’s +10 to August’s -11 is the largest on record – back to 1993.
Biggest drop on record…
Weakness was across the board with new orders crashing from +15 to -20, order backlogs and capacity utlization crashing, and average workweek slumping. The only thing stopping this from being a monumental crash was hope that sent future shipment expectations from +19 to +41 – the highest in a year.
via http://ift.tt/2bcca8R Tyler Durden