"Soft data" has plummeted! The Federal Reserve's five regional manufacturing surveys have all fallen into negative territory
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The manufacturing survey indices of the five major regions in the United States have all fallen into negative territory, with an average value of -17.5, indicating a historic recession. Specific data includes: Dallas Fed -35.8, Philadelphia Fed -26.4, Richmond Fed -13.0, Empire Manufacturing -8.1, Kansas City Fed -4.0. The contraction in manufacturing signals weakened corporate profits, employment gaps, soft consumer spending, and accumulated credit pressure
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