Having equaled its highest level since 2009 in October, November’s Empire Fed print tumbled from 30.2 to 19.4, way below the 25.1 expectations (the biggest drop since April).

However, while the headline slipped, hope for the future surged to its highest in over 5 years…

Under the covers, prices paid dropped, number of employees dropped, and average workweek contracted – its first contraction since January.