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Record Price Pressures In US PMI

DATA REACT
  • Service sectors saw surging price pressures as the rate of input price inflation accelerated for the third successive month to the fastest in over 11yrs of data, whilst increased passthrough of higher cost burdens onto clients through hiking selling prices saw a notable acceleration in the pace of charge inflation, for the fourth month running and to the fastest on record.
  • Combined with the previously released manufacturing data, the composite PMI showed mounting price pressures with both input prices and output charges increasing at the sharpest rates on record, led by material and labor shortages alongside greater transportation costs.
  • Fed hike expectations for the year have conitnued to build (264bps to year-end including an expected 50bps later today) but the next test will be the ISM Services report shortly.
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