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Inflationary Pressures Build In March Prelim PMI

US DATA
  • The S&P Global US PMI releases saw manufacturing beat (52.5 vs cons 51.8 after 52.2) but services miss (51.7 vs cons 52.0 after 52.3) in the preliminary March PMI.
  • The composite meanwhile was as expected at 52.2 (cons 52.2) for a small dip from 52.5 in Feb.
  • However, price components showed a clear sign of firming:
  • Overall input cost inflation hit a six-month high. “Service providers indicated that higher operating expenses generally reflected increasing wages, while rising oil and gasoline costs were often mentioned by manufacturers."
  • Selling price inflation was the highest in just under a year and stronger than the series average. “Respective rates of output price inflation accelerated sharply across both manufacturing and services, quickening to 13- and eight-month highs as companies passed through higher input costs to their customers."
  • Full report here.

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  • The S&P Global US PMI releases saw manufacturing beat (52.5 vs cons 51.8 after 52.2) but services miss (51.7 vs cons 52.0 after 52.3) in the preliminary March PMI.
  • The composite meanwhile was as expected at 52.2 (cons 52.2) for a small dip from 52.5 in Feb.
  • However, price components showed a clear sign of firming:
  • Overall input cost inflation hit a six-month high. “Service providers indicated that higher operating expenses generally reflected increasing wages, while rising oil and gasoline costs were often mentioned by manufacturers."
  • Selling price inflation was the highest in just under a year and stronger than the series average. “Respective rates of output price inflation accelerated sharply across both manufacturing and services, quickening to 13- and eight-month highs as companies passed through higher input costs to their customers."
  • Full report here.