The New York Fed released its Empire State Manufacturing Survey this morning, suffering the worst decline in its history excluding 2020's pandemic-induced collapse.
Here is ZeroHedge's take:
Empire Fed Manufacturing Survey Suffers Biggest 2-Month Collapse (Ex-COVID) In History
“Bidenomics” for the win…
Tyler Durden
And Mike Shedlock's analysis:
Empire State Manufacturing Index Stunning Drop to -43.7, New Orders -49.4
Nearly half of the New York region manufacturers reported a decline in new orders. Did a recession just start (or about to) as everyone gave up on the idea?
Mike Shedlock
It's just more evidence of a slowing economy. Perhaps it is good news for interest rates and bonds.