Fra zerohedge:
Beating expectations by 5 standard deviations…
Respondents to the Empire Fed’s Manufacturing Survey have not been more exuberant about America since Oct 2009.
This continues the recent trend of incredible survey-based beats as hard data remains unimpressed…
The only thing that is odd about this monstrous number is the plunge in new orders… and prices paid… and work hours … and inventories.
- Prices paid fell to 27.3 vs 35.8
- New orders fell to 18 vs 24.9
- Work hours fell to 0 vs 5.7
- Inventory fell to -7.8 vs 6.5
So what drove the spike? Simple – Hope!!
- Six-month general business conditions rose to 44.8 vs 39.3
