bad news is good, right? PMI by S&P Global
This mornings update alluded TO that which was officially confirmed hours later … here is USs version of the composite PMI where you’ll note I’ve attempted to highlight how bad news is good,
HERE is link thru to full release for MORE — certainly wanna celebrate all the factoids with friends and family this upcoming weekend. You’ll find / note gems like this on p2,
… Average cost burdens increased at a marked pace in June, as supplier, material, fuel, transportation, and wage bills soared again. The rate of input price inflation was the softest for five months and eased notably from May, but was much quicker than the series average. Similarly, the pace of output charge inflation softened and was the slowest since March 2021. Although firms continued to pass-through hikes in costs to clients, some mentioned concessions were made to customers.
But I thought bad was good. I guess not yet bad enough? From Chris Williamson — commenting on p2,
… “Businesses have become much more concerned about the outlook as a result of the rising cost of living and drop in demand, as well as the increasingly aggressive interest rate path outlined by the Federal Reserve and the concomitant deterioration in broader financial conditions. Business confidence is now at a level which would typically herald an economic downturn, adding to the risk of recession.
“A corollary of the drop in demand was less pressure on prices, with the survey’s inflation gauges for firms’ costs and their selling prices falling sharply in June to suggest that, although still elevated, price pressures have peaked.”