Soft Data Slump Begins - Empire Fed Plunges Most In A Year

And so it begins. After exploding higher post-election, it appears the ‘soft’ survey data hype has begun to fade. Empire Fed’s manufacturing survey tumbled the most since May 2016 in April, almost erasing the entire post-election surge. New Orders (current and expected) slumped and the average workweek caved as Trump’s ‘plans’ remain stymied.

And just like that… hope died.