Source: The National Archives UK
U.S. manufacturing and industrial is white hot. You might say it's "en fuego."
Inside regional manufacturing data out of Philadelphia and New York, certain key components are hitting multi-decade highs. As Hedgeye Senior Macro analyst Christian Drake writes in today's Early Look:
"Philly Fed: Beat expectations for March as New Orders rose to the highest level since 1987. We certainly don’t anchor our outlook on a single regional survey but multi-decade highs are notable, particularly when the series is trending with the balance of the other regional and national manufacturing/industrial activity indicators.
Also notably, the capex plans component rose to its highest level in 18 years, according with the investment plans component of the Empire Manufacturing Index. As can be seen in the Chart of the Day below, the early March data has our composite Capital Expenditures Plans Index tracking at its highest level in over a decade."
(On a related note, read "2 Charts: Reiterating Our US #GrowthAccelerating Call.")