ISM Manufacturing Index declined -0.6 points in June to a still very strong 60.6. 
New orders and production remain >60, indicating strong expansion. Manufacturing employment, however, slipped -1.0 into mild contraction at 49.9. Price pressure rose +4.1 to a sky-high 92.1. That's the highest reading since July 1979.
Companies responding the ISM Manufacturing survey in June report very strong sales, very tight supply chains, and very strong price pressure. "We continue to be oversold, based on what we are currently capable of producing. Lack of labor is killing us.”
Markit's US Manufacturing PMI remained unchanged in June at 62.1, indicating strong expansion. Companies report serious constraints in capacity meeting surging demand. markiteconomics.com/Public/Home/Pr…
While inflationary pressures may prove temporary, and to some extent represent prices catching up to pre-COVID trend, it's getting hard to ignore at least the short-term impact of price surges across the economy.
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