NY Fed Manufacturing Unexpectedly Craters In 2nd Biggest Drop On Record
So much for any optimism that the US economy can avoid a hard landing.
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.
https://www.zerohedge.com/markets/re...st-drop-record
Tom
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