Breitbart Desk
Richmond, Poormond, Inflationmond
The Richmond Fed's manufacturing index was forecast to claw its way back into positive territory after slipping to minus nine in May. Not only did it fail to reach the very low bar of a positive two reading, it actually plunged to negative 19. That's the lowest score since May of 2020.
Manufacturers reported their prices were up 10.4 percent compared with 12 months ago, an acceleration of inflation from 9.6 percent in May. This matches the all-time high for this series hit in January. Inflation in prices received has risen for three consecutive months.
Prices paid moved down to show prices up 11.9 percent from a year ago, down from 15.1 percent in May. This partly reflects the fact that prices were already rising at an 11 percent pace in June of last year. June 2021 was the first time the Richmond Fed’s barometer of prices paid for materials crossed into double digits.
.......manufacturers expect to increase their own prices 4.6 percent over the coming year and to pay 5.4 percent more for materials, both representing an easing from the 12-month expectations recorded in May......
– Alex Marlow & John Carney
Breitbart News Network
