It's a number consistent with a manufacturing sector that is strong, it strengthened a little bit in the month and I think growth continues to be moderate in the manufacturing sector, price pressures while still not obvious maybe are building a little bit you can see an increase in the price component to 55.1 that's indicative of some price pressure.
More Quotes from Peter Kretzmer:
There hasn't been a lot of correlation between commodity prices and inflation since 1990.Peter Kretzmer
We don't know if there is any meaning to the slowdown in these other categories. I wouldn't be too worried about it,
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That's consistent with the idea that labor market conditions are not really improving yet. They're not getting worse, either, but they've only stabilized.
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If the Fed pauses late in the year, as we now assume in December, its response will be related to economic fundamentals, with GDP slowing late in the year rather than a direct 'emergency' response to events on the Gulf Coast,
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The thinking that has surprised us has been that the markets and the Fed have been more concerned about the impact on inflation expectations than they've been about real growth.
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We look for the report to confirm that economic activity remains strong. Retail spending will slow later this year but that hasn't shown up yet, and business investment should continue to be pretty strong as companies expand offices and factories.
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