ISM is not going to move many needles one way or the other with this report. I’ve highlighted the important items. New orders eased but are still in growth mode and interestingly (to our inflation view), employment and prices kicked up. On the downside, already light backlogs dropped again. That is not a good forward-looker for manufacturers. From ISM…
Still, our plucky respondents are mostly feeling good. The Transportation Equipment guy bemoaning price reduction pressures is actually a marker for an inflationary view. When price pressures start increasing end customers tend to really drop the hammer on controlling suppliers’ costs.
Here are the multi-month trend views of some key items.
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