BREAKING: The Richmond Fed Manufacturing Employment Index plummeted to 21 points in September, its lowest level since April 2009.
The index has been in contraction for the majority of 2024 and even sits below pandemic lows.
Furthermore, employment expectations for the next 6 months fell to -12 points, the lowest since April 2020.
Overall business conditions are now at their worst since May 2020 and second-worst since 2008.
The manufacturing industry appears to be in a severe recession.
Is this really a "soft landing?"
