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Empire Mfg Slides On Continued Significant Volatility

US DATA
  • The Empire Fed manufacturing survey yet again sees a large surprise, this time to the downside as it swings to -31.8 (cons -4.0) in May from +10.8 and easily surpassed the survey low of -17.
  • Giving context of recent swings, the post-2021 standard deviation is 20.7pts, whilst the index has been at these levels twice before in this cycle in Aug’22 and Jan’23.
  • The six-month ahead measure meanwhile increased 3.2pts to 9.8, it’s highest since Feb and before that Jun’22.


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