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  • Prior was 47.4
  • Prices paid 51.3 vs 45.1 estimate. Last month 44.5
  • Employment 49.1 vs. 50.6 prior
  • New orders 47.0 vs. 42.5 last month
  • Production 47.3 vs 48.0 last month
  • Order backlog 45.1 vs. 43.4 last month
  • New export orders 49.9 vs. 49.4 last month
  • Imports 49.9 versus 47.8 last month

The jump in prices paid is the most-notable detail and should give the Fed and markets pause. We’ve seen some increases in steel and lumber lately so it’s not a shock and the S&P Global survey also showed rising prices. That’s in contrast to fallign oil and natural gas prices, which should feed through.

The survey is light on details, only saying that “eight industries — in the following order — reported paying increased prices for raw materials: Electrical Equipment, Appliances & Components; Plastics & Rubber Products; Fabricated Metal Products; Nonmetallic Mineral Products; Petroleum & Coal Products; Computer & Electronic Products; Miscellaneous Manufacturing and Machinery.”



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