Recession Looms As Empire Manufacturing Collapse Show No Signs Of A Bounce
by Tyler Durden
ZeroHedge.com
09/15/2015
Despite some strangely optimistic expectation of a -0.5 print, September Empire Manufacturing printed -14.67, showing absolutely no hockeynesian dead-cat bounce mean-reversion. Hovering at the worst levels since April 2009, the underlying data is a total disaster. New Orders remain firmly negative and inventories collapse (who could have seen that coming?), and even more concerningly, employment and average workweek plunged into negative territory for the first time in over a year. Simply put, this report suggests total carnage in the manufacturing sector and, just as we have pointed out (most recently here and here), the exuberant inventory over-accumulation of the past few years – from Fed-deluded malinvestment – is about to come crashing down.
The Rest…HERE
