Manufacturing is dying…inflation is broadening…and the kids are trading a coin called “Joe Boeden” t.co/j5rTZY0CMz pic.twitter.com/V7mwSuLUc0
— Will DeCotiis (@Will_DeCotiis) March 15, 2024
The latest data from the U.S. NY Empire State Manufacturing Index paints a grim picture, with March’s figures plummeting to -20.9, indicating a rapid decline in the sector. Every indicator spells trouble: new orders dwindle, inventories shrink, employment drops, and optimism wanes, signaling broader economic distress.
NY Fed: literally nothing good in today's manufacturing report as every indicator shows faster Mar decline in the sector; new orders (canary in coalmine) fell again, inventories dwindled, both employment and workweek fell too; capital spending remains soft, and optimism subdued: pic.twitter.com/ymOfeUdyef
— E.J. Antoni, Ph.D. (@RealEJAntoni) March 15, 2024
Layoffs soar to unprecedented levels, particularly hitting middle managers hard as corporations prioritize efficiency over workforce stability. The Kansas City Fed Labor Market Conditions Index echoes the gloom, indicating a sustained hollowing out of the job market.
Amidst this economic turmoil, a speculative frenzy grips the cryptocurrency market, with a surge in Bitcoin and ETF trading. However, such speculative fervor may exacerbate the impending crisis rather than offer a solution.
As manufacturing falters, layoffs surge, and Bitcoin trading reaches unprecedented levels, the economy teeters on the brink of a dual threat: recession and inflation.
Middle managers make up a growing share of layoffs. t.co/Qzk02uMfgn pic.twitter.com/bEogh36nuz
— Lisa Abramowicz (@lisaabramowicz1) March 15, 2024
BREAKING: Layoffs rose to the highest for any February since 2009, per CNBC.
— unusual_whales (@unusual_whales) March 15, 2024
t.co/lgDKseWTh8 pic.twitter.com/5T7R8FgPEu
— Don Johnson (@DonMiami3) March 15, 2024
There's been a broad based weakening of leading labor market data, shown by the 24-factor KC Labor Market Conditions Index.
The NFIB data holds two examples of lower job openings and reduced hiring plans. pic.twitter.com/RjqvzWiT0j
— Eric Basmajian (@EPBResearch) March 14, 2024
In this right shoulder rally, total Crypto market cap never confirmed the Bitcoin new high. pic.twitter.com/r3tIvfjs0X
— Mac10 (@SuburbanDrone) March 15, 2024
Median home prices continue setting records for time of year, week after week; we're near a seasonally adjusted all-time high and will be setting new unadjusted records w/in a month or so: pic.twitter.com/iiMQhSClBG
— E.J. Antoni, Ph.D. (@RealEJAntoni) March 15, 2024