Taps Coogan – November 25th, 2022

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The latest results of the Empire State (New York) Manufacturing PMI shows an implosion in expected orders to the second most contractionary reading on record going back to 2001, via Liz Ann Sonders.

While current conditions are enough to keep the broad index slightly above zero, most of the forward looking components of the survey (pdf) are now negative, including: general business conditions, new orders, shipments, unfilled orders, average employee work week, etc…

If it wasn’t already clear, we’re heading for a recession or already in one.

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