The Empire Fed Manufacturing survey has been in contraction (below 0) since July 2015 and while February's -16.64 print was above January's -19.37, it was dramatically worse than the expected -10.0. New Orders and Shipments remain in contraction as both prices paid and recived tumbled. Hope improved modestly but remains markedly below December levels, as CapEx spending expectations weakened once again.
Still - we always have Services to take the pressure off manufacturing, right? Oh wait...