WhatRecovery? EconomicSlideContinues As EmpireFedMissesByMostIn 5 Months
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In what feels like the first actionable macro data release in a while, the Empire Fed Manufacturing survey (yes "soft" data butit’sallwehavetoplaywithfornow) missed expectations by the most in 5 months. Againstconsensusof 7.00, the 1.52 printisthelowestin 5 monthsandthe 3rd missin a row. Once again, the employment sub-index slumped – now at its lowest since July (dismissingthatAugustspikethatwenowknowwasdrivenbytheexuberantlast-minute spendingofgovernmentbudgets). Of course while the curent business conditions slid, expectations for six months from now held steady (even though shipments and new orders expectations slid a little). With businessconditionsnowanchoredaroundzerofor 3 years, this "soft" data indicator is not exactly the driver of growth hopes that equities seem to believe in.

Not exactly the bright shining light of growth that equities appear to reflect…

Charts: Bloomberg

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