While the headline Dallas Fed Manufacturing Activity Index printed better than expected (-8.4 vs -15.0), it remains in contraction (less than zero) for the 9th straight month (the longest streak since 2016)...

Source: Bloomberg

And in fact, the better than expected print was driven solely by 'hope' as current production tumbled in January but 'expectations' for future production rose...

Source: Bloomberg

Surprisingly, while the outlook for six-months ahead improved (but remains negative)...

...you wouldn't know it judging by the responses that The Dallas Fed decided to release for publication... notice a pattern?

Food manufacturing

Beverage and tobacco product manufacturing

Textile product mills

Paper manufacturing

Printing and related support activities

Chemical manufacturing

Primary metal manufacturing

Machinery manufacturing

Computer and electronic product manufacturing

Transportation equipment manufacturing

Furniture and related product manufacturing

Miscellaneous manufacturing

Not exactly a picture of the 'strong as hell' economy we hear from The White House?