The drastically decoupled trend of hard data improvement and soft data dissolution continued this morning with US Manufacturing improving while NY Fed Business Leaders’ survey collapsing.
Source: Bloomberg
Business activity in the region’s service sector declined significantly for a second consecutive month in April, according to firms responding to the Federal Reserve Bank of New York’s April Business Leaders Survey.Â
“The business climate was much worse than normal, and firms were the most pessimistic they’ve been about the outlook since 2020,” said Richard Deitz, Economic Research Advisor at the New York Fed
The survey’s headline business activity index came in at -19.8, its lowest level in more than a year, with 6-mnth forward expectations plunging to the weakest since COVID…
The business climate index dropped nine points to -50.0, its lowest level since Lehman; as expectations for Prices Paid soared top three year highs…
The stagflationary stench from soft data continues.
So, take your pick – worst since the peak of COVID lockdowns or worse since Lehman & the GFC!?
Tyler Durden
Wed, 04/16/2025 – 09:45
