The Jan Chicago PMI was a solid 68.8 vs expectations of 64.5 and up from 66.8 in Dec. It’s the highest since 1988 but measures the direction of improvement, not the degree but an impressive figure nonetheless. ...
Within the strong data however came a continued rise in inflation pressures as the Prices Paid component rose almost 4 pts to 81, the highest since July ’08.
Bottom line, the data speaks for itself in that manufacturing continues to be a strong support to the economic recovery but the rise in commodity prices is becoming more of an issue...
---Peter Boockvar.
Bill: Lets see what Rosie says tomorrow if anything.
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