Aginst expectations of a -5 print, July’s Richmond Fed printed +10 (up from a revised lower -10 in June). This is the 2nd biggest MoM spike since 1998 (the biggest being March’s insane spike). This beat is a 7 standard deviation beat over expectations among the 9 economists tracking it with none of them forecasting a gain at all. Across the board components improved with a surge in employees, workweek and the biggest jump in new orders since 1998!
The Survey has become dramatically more volatile in 2016…
With somehow the biggest surge in new orders in 18 years…
Which perhaps explains this farce…
Are you laughing yet?
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