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View original post here: Fed Cites Weather, "Transitory" Factors in FOMC Statement; No Hat Tricks; What About Consumer Sentiment?
The Richmond Fed reports Manufacturing Sector Activity Remained Soft; Employment and Wages Grew Mildly Overall, manufacturing conditions remained soft in April. The composite index for manufacturing moved to a reading of -3 following last month’s reading of -8. The index for shipments and the index for new orders gained seven points in April, although both indicators finished at only -6.
The Dallas Fed reports Texas Manufacturing Activity Weakens Again Texas factory activity declined in April, according to business executives responding to the Texas Manufacturing Outlook Survey.
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For discussion of income distribution, please see What’s "Really" Behind Gross Inequalities In Income Distribution? Birth Death Model Starting January 2014, I dropped the Birth/Death Model charts from this report. For those who follow the numbers, I retain this caution: Do not subtract the reported Birth-Death number from the reported headline number
Original post: Downside Data Surprises in Canada; Bad Weather Up North? How About Recession?
Economists Fail to Predict Weather Once Again: Chicago PMI Disappoints Chicago PMI Disappoints Economists expected a rebound in the Chicago PMI index this month following its collapse last month. Alas, once again the weather was much worse in Chicago than economists thought. The Bloomberg Consensus was for a rebound from last month’s dismal print of 45.8 back into positive territory of 50.2 "Companies sampled in the Chicago PMI report continue to report a lull in activity, at a sub-50 March index of 46.3 following 45.8 in February.
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Continue Reading: Atlanta Fed Halves GDP Forecast to 0.6%; Blue Chip Consensus Eight Miles High