Empire Fed Manufacturing Survey Suffers Biggest 2-Month Collapse (Ex-COVID) In History

The New York Fed's Empire State Manufacturing Survey for January crashed from -14.5 to -43.7 - the worst print in the survey's history outside of the COVID lockdowns...

But hope remains high as the six-month outlook for overall activity improved to a three-month high, suggesting manufacturing will stabilize at a weak level. The measure of the outlook for capital expenditures increased to the highest since April 2023, suggesting a pickup in investment.

However, the spread between current reality and a hopeful future is at near record highs (record Ex-COVID-lockdowns)...

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signs of coming collapse?