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NY Fed Manufacturing Unexpectedly Craters In 2nd Biggest Drop On Record
Posted on 8/15/22 at 10:07 am
Posted on 8/15/22 at 10:07 am
LINK
quote:
One (business) day after the UMich survey hinted that economic optimism is set to jump amid collapsing inflation expectations, moments ago the New York Fed's Empire State Manufacturing Survey unexpectedly cratered from 11.1 to -31.3, slicking through consensus expectations for a 5.0 print like a hot knife through butter, and suffering the 2nd biggest monthly drop on record.
The big miss of the month's first regional manufacturing survey was driven by a decline across all indicators, but especially by a sharp drop in the forward looking New Orders which tanked to -29.6 from +6.2, while the shipments index plummeted nearly fifty points to -24.1, indicating a sharp decline in both orders and shipments, and strongly hinting that a hard-landing recession is inevitable and that, for all the posturing, a Fed rate cut is imminent after all.
Mocking the relentless data fudging by the politicized BLS, the report showed that the index of employees moved down eleven points to 7.4, pointing to a small increase in employment, and the average workweek index fell to -13.1, indicating a decline in hours worked. The prices paid index fell nine points to 55.5, its lowest level in over a year, indicating a deceleration in input price increases. The prices received index was little changed at 32.7.
Looking ahead, the index for future business conditions came in at 2.1, suggesting that firms were not optimistic about the six-month outlook.
Posted on 8/15/22 at 10:08 am to WPBTiger
Can't be... I heard it from a good source this is the bestest economy live ever...
Posted on 8/15/22 at 10:11 am to The Maj
Swimming in money with Cornpop
Posted on 8/15/22 at 10:14 am to WPBTiger
My shoulder has started aching again. Looks like it is about time for another stock market plunge.
Posted on 8/15/22 at 10:15 am to WPBTiger
Muh back to pre-COVID job numbers
Posted on 8/15/22 at 1:28 pm to WPBTiger
But Joe said inflation was zero point zero.
Posted on 8/15/22 at 1:35 pm to WPBTiger
Experts agree, we’re fricked.
Biden administration says this is better than fine, it’s really good.
In conclusion, Biden is a moron who has appointed morons who say moronic things.
The moral of the story? Don’t steal elections it’s really bad for the country and its citizens.
Biden administration says this is better than fine, it’s really good.
In conclusion, Biden is a moron who has appointed morons who say moronic things.
The moral of the story? Don’t steal elections it’s really bad for the country and its citizens.
Posted on 8/15/22 at 1:39 pm to ezride25
they said on cnbc that we are in a bad news is good news economy. so, this must be good news.
Posted on 8/15/22 at 1:39 pm to ezride25
Looks like the economy went skydiving.
Posted on 8/15/22 at 2:30 pm to WPBTiger
The bond yield inversion is still very wide too. If a deeper recession is not on its way… that inversion indicator loses a lot of its luster.
Posted on 8/15/22 at 2:38 pm to WPBTiger
quote:
quote: One (business) day after the UMich survey hinted that economic optimism is set to jump amid collapsing inflation expectations, moments ago the New York Fed's Empire State Manufacturing Survey unexpectedly cratered from 11.1 to -31.3, slicking through consensus expectations for a 5.0 print like a hot knife through butter, and suffering the 2nd biggest monthly drop on record.
The big miss of the month's first regional manufacturing survey was driven by a decline across all indicators, but especially by a sharp drop in the forward looking New Orders which tanked to -29.6 from +6.2, while the shipments index plummeted nearly fifty points to -24.1, indicating a sharp decline in both orders and shipments, and strongly hinting that a hard-landing recession is inevitable and that, for all the posturing, a Fed rate cut is imminent after all.
Mocking the relentless data fudging by the politicized BLS, the report showed that the index of employees moved down eleven points to 7.4, pointing to a small increase in employment, and the average workweek index fell to -13.1, indicating a decline in hours worked. The prices paid index fell nine points to 55.5, its lowest level in over a year, indicating a deceleration in input price increases.
The prices received index was little changed at 32.7. Looking ahead, the index for future business conditions came in at 2.1, suggesting that firms were not optimistic about the six-month outlook.
This is all hate Biden propaganda....I trust Jim Cramer and he says this is the best economy he's seen in his lifetime.
Posted on 8/15/22 at 2:41 pm to CleverUserName
Recession is happening. My guess is that the Feds keep printing Monopoly money and selling it to themselves to make up for the shortfalls from this shite.
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