Empire Manufacturing Beats Expectations As Prices Paid, Current And Forecast, Surge To Three Year Highs
In the rubric of today's irrelevant news, we have the Empire Manufacturing Index which came at 17.50 on expectations of 16.10, compared to a prior print of 15.43. And you know the drill: the only thing that matters for the average American is the Priced Paid, which increased from 45.78 to 53.25 a fresh two and a half year high: "The indexes for prices paid and prices received showed that prices continued to accelerate in March; the trend was particularly pronounced in the case of the prices paid index, which rose a cumulative 31 points over the past four months. This month, the index advanced 7 points to 53.3, with 53 percent of respondents reporting higher input prices while no respondents reported lower prices." The margin situation is getting worse as the Price Received increased by half the rate of increase of the Prices Paid at 20.78, compared to 16.87 in February. Elsewhere, New Orders, Inventories and Shipments all plunged. What is even scarier is that the Prices Paid Expectations soared from 55.42 to 71.43.