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In May, Manufacturing PMIs fell while Services PMIs posted surprisingly strong growth.

Aggregate industrial production was unchanged month-over-month in the April data, translating to a decline of 0.4% year over year.

PPI for All Commodities increased by a substantial 0.9% month over month, representing an increase of 0.1% year over year. We may be reaching the very tail end of any remaining deflation from post-pandemic supply chain resolution.

Overall, the Q1 GDP print looks weaker overall than the previous print, with investment growth correspondingly weaker.

April's ISM PMIs came in cool, suggesting further deceleration.

It is critical to build markets where producers can access affordable hedges against price volatility, and where other participants will affirmatively “buy the dip” in order to manage supply-related price declines and keep critical producers investing in capacity.

Today’s edition focuses on the Industrial Production data produced by the Federal Reserve – a dataset which allows us to evaluate and aggregate sector-level shifts in production and output.

Today’s edition focuses on the Producer Price Index data collected by the Bureau of Labor Statistics – a dataset which allows us to evaluate and understand aggregate and sector-level shifts in the input costs faced by firms.

The March ISM Manufacturing PMIs came in strong earlier this week, with a dramatic increase in the Production index leading the way.