The headline is 58.7% (full report here) but I have highlighted in green the items that matter. New orders are brisk, along with employment. Inventories, backlogs and prices implying cost pressures. This all supports the near-term plan for an increasing inflationary err, awareness throughout the economy. That’s near-term, which we may well be inclined to enjoy.
The bigger plan comes after that when we must figure out whether the thing is going full frontal von Mises Crack Up Boom or just maybe something that will be less expected out ahead. Feel free to go whatever direction you choose, but I for one am going to let the right indicators decide at the right time. ISM is just one more small piece in support of a near-term ‘inflation expectations’ aspect.
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