Richmond Fed Survey Crashes By Most In 25 Years

When hope dies... against expectations of a small rise from March to a 16 print, April came in at a disastrous -3 (the worst data since Sept 2016).

From record highs just a couple months ago, Richmond Fed manufacturing has crashed by the most in the survey's 25 year history into contraction...

It was a bloodbath below the surface too.

New orders collapsed to -9 from +17, order backlogs plunged to -4 from +10 and while wages and employees rose, workweek dropped notably.

Finally, prices paid rose once again even as new orders crashed...

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