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Thursday, March 28, 2024

Dollar, Bond Yields Tumble As Empire Manufacturing Survey Crashes Most On Record

Courtesy of ZeroHedge. View original post here.

Against expectations of a small drop to 11.0, Empire State Manufacturing Survey collapsed – by the most on record – from +17.8 to -8.6 in June. This is the first negative print since Oct 2016.

This was 10 sigma below expectations…

This is the biggest MoM drop in the survey in its history

Led by a complete collapse in New Orders

Additionally, contraction (not slowing) was evident throughout the survey…

  • Number of employees fell to -3.5 vs 4.7

  • Work hours fell to -2.2 vs 4.4

  • Inventory fell to -5.3 vs -4.1

  • Six-month general business conditions fell to 25.7 vs 30.6

The result is a quick drop in yields and the dollar…

Unleash The Fed!!??

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