SCM
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.
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.
Some commentators have noted that supply-side disinflation may be reaching an end point, but it is also clear that the supply-side pricing pressures of the pandemic era are over.
Overall industrial production stayed flat year over year in the January data, and shrank by 0.1% month over month.
Overall production inched up, with headline industrial production rising 0.1% month-over-month for a 1% year-over-year increase.
One way we can think about how present inflation is different from the 1970s experience is by looking at the difference in price changes for capital goods.
