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January 2024 Empire State Manufacturing Survey
“Business activity dropped sharply in New York State according to firms responding to the January 2024 Empire State Manufacturing Survey. The headline General Business Conditions index fell twenty-nine points to -43.7, its lowest reading since May 2020.”
“After falling twenty-four points last month, the General Business Conditions Index shed another twenty-nine points…”
Take a look at the first graph in this report. I had to pick my jaw up off the floor. It sure changed my mind about an upcoming recession vs. a soft landing.
Holy shit! Thanks for the charts Ken. That first one is VERY revealing.
If you focus on measures such as this, that DON”T come from the BLS or other govt manipulated stats, you correctly understand we have been in a recession for some time. Even the FED’s own stats show it. The FED, however has been working with the administration to use the job numbers and other manipulated data to support their tightening campaign. When the first emergency rate cut, comes seemingly from nowhere, everyone will be shocked that the economy is tanking.