There are 5 regional Fed surveys: the Empire State; The Philly Fed; the Richmond Fed's, the Dallas Fed's and the Kansas Fed's. Normally, even though these surveys don't cover the whole country, the correlation with the ISM (which does cover the whole country) is close. In June, the average of the 5 (PERDK) and the ISM went in different directions. It's happened before, but not that often.
Was it the bottom of the cycle? Prolly not, but what do I know?
Just thought I'd give you a heads-up. 😉
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