Following the weakness in Philly and Dallas Fed regional – fading off Feb/Mar dead cat bounces – Richmond Fed’s epic 9-standard-deviation biggest spike ever to 7 year highs in March appears to have been a one of as it fell back from 22 (3rd highest ever) to 14 (still above expectations) – the biggest drop since August. Of course how one can take this seriously is anyone’s guess as shipments , new orders, wages, and workweek all crashed from March’s embarrassing spike as did inventory levels for finished and raw materials (not good for Q2 GDP). Worse still outlook for six months ahead saw wages, workweek and new orders collapse further.
As a reminder, here is March…
And so April tumbles most since August…
Charts: Bloomberg
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