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US PMI Significant Price Pressures

DATA REACT
  • Mirroring European PMIs from this morning, costs increased at one of the fastest rates on record - raw materials, fuel/energy costs but also supply chain strain from the war in Ukraine and China's lockdowns (but less severe supply chain disruptions on the whole).
  • Both manufacturers and service providers registered sharper upticks in costs but service costs were close to survey records.
  • Selling prices slowed slightly from last month, which had been a four month high on the back of record service output prices at the time.
  • Limited details to go by but the decline in the composite largely reflected a softer print for manufacturers, suggesting a continuation of the moves seen in Feb CPI with goods inflation moderating as service inflation ramps up.
  • Elsewhere in the report, there was strong output with a marked rise in new orders along with the highest print for job creation since April 21.
  • Pricing from FOMC-dated Fed Funds futures firms on the release to 44bps for May and a cumulative 192bps for the Dec meeting, whilst front-dated Treasuries sell-off another 1.5bps, although the release coincided with continued Fedspeak.
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