The headline Market PMI data beat expectations and jumped to 3-month highs with the production output sub-index at its highest since Feb 2011. However, this exuberant production sees no change in employment and a drop in new orders. Perhaps even more worrisome is the margin crushing concerns of a soaring input price index and dropping output price index. Of course, economists note that “this is not simply a weather-related rebound. Companies are reporting that their customers and feeling more confident, restocking, expanding and investing,” in all but jobs and new orders… it seems.
Output at Feb 2011 highs…
But under the surface things are not quite as rosy…
via Zero Hedge http://ift.tt/1nHK4kG Tyler Durden