Today's release of the ISM Report on Business for August was inline with forecasts on both the headline and the prices paid measures, giving little in the way of ammo for the bullish or bearish economic arguments. Within the report, the commodities survey showed some positive data for those with the view that inflation is trending lower. In this month's report, respondents saw increases in the prices of twelve commodities and decreases in the prices of three for a net of plus nine. This brings the three month moving average down to seven which is the lowest level since February. As we have noted in the past, trends in the direction of the ISM Commodities survey have often been good leading indicators of trends in inflation.
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