After nine straight months of 'contraction', September's surge to 30-month highs in the Empire Fed's Manufacturing survey was greeted by all as proof that Bidenomics (or something...) was working and everything was awesome once again... so vote for Kamala...

October is a very different matter as the survey crashed from +11.5 to -11.9 - the lowest since May. That is the biggest MoM drop since January...

Source: Bloomberg

A measure of current new orders plunged nearly 20 points to -10.2 after climbing a month earlier to the highest since April 2023.

The index of shipments decreased almost 21 points to minus 2.7.

The employment index, however, rebounded to 4.1 - the first expansion in a year - while a measure of hours worked also climbed.

Meanwhile, the New York Fed’s gauge of prices paid for materials increased to a six-month high of 29, while an index of prices received by state manufacturers also accelerated.

Finally, to add further confusion, at the same time, the six-month outlook for overall activity increased to a three-year high of 38.7, indicating the state’s manufacturers are more upbeat about the economy’s prospects.

...baffle 'em with bullshit is back.