Empire Fed Manufacturing Survey Suffers Biggest 2-Month Collapse (Ex-COVID) In History
Well, no one saw that coming…
The New York Fed’s Empire State Manufacturing Survey for January crashed from -14.5 to -43.7 – the worst print in the survey’s history outside of the COVID lockdowns…
Source: Bloomberg
The -43.7 print was a stunning 10 standard deviations below expectations of a bounce to -5.0…
Source: Bloomberg
Under the hood, it was a bloodbath. New orders slumped more than 38 points to minus 49.4, the weakest since April 2020, while shipments dropped by the most since August. Worse still, the index of prices paid for materials increased to a three-month high.
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