12/17/12, "Empire Fed Misses, Prints Negative For Fifth Consecutive Month, Hopium Rise Continues," Zero Hedge
"Whereas last month's negative print in the Empire Fed index (which beat
expectations), was attributed to Sandy, it will be difficult to see what
attribute can be blamed for this month's major miss, in which the NY
Fed just disclosed a -8.1 General Business Conditions update, down from
-5.22, and below expectations of -1.
This was the fifth consecutive
month in which the index has printed negative, and the 6th miss of the
past 9 reports. The new orders index dropped to -3.7 from +3.08, while
the shipments index declined six points to 8.8. At 16.1, the prices paid
index indicated that input prices continued to rise at a moderate pace,
while the prices received index fell five points to 1.1, suggesting
that selling prices were flat.
Bad news for anyone that needs positive margins (i.e. everyone). But that's ok, because the Hopium index, i.e.,
the Six Month Ahead index, which is the only thing those who fail to see
what Bernanke's just announced $1 trillion injection means for the
economy have to fall back on, rose from 12.88 to 18.66.
So it is all
about the future, forget the present, but whatever you do, don't look at
the forward Prices Paid indicator which soared to 52, the highest since
May: surely NY corporations are optimistic due to the fact that they
can now kiss margins goodbye for at least half a year....Full report here."