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…
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Number of employees fell to -3.5 vs 4.7
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Work hours fell to -2.2 vs 4.4
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Inventory fell to -5.3 vs -4.1
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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!!??