Richmond Fed Manufacturing collapses, Workwk to 6 yr low
This, following weakness in other key manufacturing areas in the US - Philly Fed, Empire Fed and Dallas Fed.
``
Combined, the regional surveys suggest a notable plunge in overall ISM in September... flashing bright red recession warnings.``
In my opinion, wall street, bay street, the media and the governments are still clueless as to what is happening here, just like they were clueless prior to the 1999 dotcom crash and the 2008 housing/financial crash. The fact that so many people are still talking of a potential US interest rate hike in 2015, or even early 2016, is unreal. Interest rate hikes are typically done to cool off a booming economy. Both the US economy and the global economy are anything but booming right now. All it needs is a slight push to go over the edge, even at zero percent interest rate. Even without a push, it looks like it is heading over the cliff anyway, but perhaps talking longer without a push (i.e. interest rate hike).
``Following August's collapse (from 13 to 0), September's Richmond Fed followed on the heels of Philly, Empire, and Dallas Fed surveys and
collapsed to -5 - its lowest since January 2013. Under the covers it is a total disaster,
the average workweek crashed from 3 to -12 - the lowest level since April 2009 (as did the order backlog). New Orders and Capacity Utilization also plunged to its lowest since Jan 2013 as clearly the inventory accumulation is starting to feedback into prodiction cuts.``
``Headline collpase.....``
``Complete carnage under the covers......``
``And this...
- Order Backlogs at lowest since April 2009
- New Orders weakest since Jan 2013
- Capacity Utliization lowest since Jan 2013``
``Following weakness in Empire, and Philly Fed surveys, this suggests September ISM will be notably below the crucial '50' level.``
Link to the Zero Hedge article if some of the charts do not work on this post:
https://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/09-overflow/20150922_rich1.jpg