The headline Dallas Fed Manufacturing Survey disappointed in December, falling to -18.8 (from -14.4 and expected to rise very modestly to -13.5)

Interestingly the outlook for six-months ahead improved (but remains negative), but you wouldn't know it judging by the responses that The Dallas Fed decided to release for publication... notice a pattern?

Food Manufacturing

• Business has picked up from a lull in October/November. We’re expecting a strong first quarter 2023.
• Late-year seasonality affects our business. We generally see a slowdown from Thanksgiving through the end of the year.
• The combination of increased costs of raw ingredients, illiquid consumers and the need to retain employees via increasing benefits has created a difficult environment. Couple that with the Biden political mentality of things, and it is unhealthy for business.

Paper Manufacturing

• We’re now dialing in the very increased forecast of a significant downturn. Recession is now being planned for and acted upon.

Printing and Related Support Activities

• We can feel things slowing down. Estimating activity is really down from previous months, and incoming orders have dropped off as well. It seems that our material vendors are getting items out faster, and all talk about how the activity level has slowed down from earlier in the year.

To read more, visit Zero Hedge.

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