The further rise in the ISM manufacturing index in August indicates that, while manufacturing production has continued to recover, it is still badly lagging the stronger turnaround in spending. The upshot is that inventories are now looking very lean, pointing to further gains in production in the months ahead and, unusually for this stage of the cycle, probably upward pressure on goods price inflation too.

Read the publication ISM Manufacturing Index (Aug.) on the Capital Economics Website.

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