Price Pressures And Broken Records

Price Pressures And Broken Records

The May vintage of the Philadelphia Fed survey revealed a less-than-ideal, albeit entirely predictable, juxtaposition: Price pressures abound and activity may have peaked. The headline general business conditions index missed by a mile, printing 31.5 (figure below), well shy of the 41.5 estimate, near the low-end of the range and down markedly from April. The series is volatile, and we're obviously flying at high altitude, but sometimes a miss is just a miss. Firms are still optimistic, but
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One thought on “Price Pressures And Broken Records

  1. I must be the only person who says, ‘ya, huge difference from one year ago, no sht sherlock; but airlines hotels etc are 35% below 2019 still. there are significant short term structural issues, like child care/schools and benefits that are making “supply” an issue for the top 20% of the populace that didnt even feel a recession. theres alos longer term stuctural issues like covid/lack of vaxx’ing, and low wages that conspire to keep spending and growth down beyond the point at which everyone gets their vacation/travel fix.” we will seey stagflation this summer and hope we can pull up and out by the Fall…but most elements of our society (tech driven) still point to deflation…or rather for polite audiences, dis-inflation.

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