FAST FIVE: "We're Living In Alice In Wonderland" – Dallas Fed Survey Slumps Amid "Irresponsibility Of Biden Admin"
“We're Living In Alice In Wonderland” – Dallas Fed Survey Slumps Amid “Irresponsibility Of Biden Admin” The Dallas Fed Manufacturing Survey came in well below expectations for September, tumbling back down from -12.9 to -17.2 (against expectations of a modest rebound to -9.0).
Under the hood the picture is even uglier with the six-month-ahead outlook plunging back near post-COVID lows and labor market signals (for jobs and wages) both making new cycle lows.
It is very hard to tell what inflation with rising interest rates will do for discretionary spending, which drives a lot of the products we make.
We see the general economic situation worsening, but our customers are still buying because the oil industry is still making money and they see a bright future even though they will not talk about it.
There is a decline in optimism with regard to the business climate as well as our ability to stabilize it.