"The June Manufacturing PMI® registered 60.6 percent, a decrease of 0.6 percentage point from the May reading of 61.2 percent. This figure indicates expansion in the overall economy for the 13th month in a row after contraction in April 2020. The New Orders Index registered 66 percent, decreasing 1 percentage point from the May reading of 67 percent. The Production Index registered 60.8 percent, an increase of 2.3 percentage points compared to the May reading of 58.5 percent. The Prices Index registered 92.1 percent, up 4.1 percentage points compared to the May figure of 88 percent and the index's highest ... (full story)

Despite slumping 'hard' data, 'soft' survey data has been trending higher on a bed of soaring prices (well it must be demand), and supplier delivery delays (well it must be demand) providing any and all asset-gatherers and commission-rakers the ammo to confirm the recovery. But, perhaps, if today's PMI is right, that trend is beginning to end as Markit's final Manufacturing survey for May dropped from April and also ended below the preliminary print (but was still well into expansion at 62.1). ISM also reported a small miss in its Manufacturing survey. Stagflation threats loom large in the data as prices soar but ... (full story)