One Indicator's Unwelcome Return to Pre-Lehman Levels

For the last several months, we have highlighted how many market and economic indicators have returned to their pre-Lehman levels.  Today, however, we saw one indicator's unwelcome return.  Each month in the ISM Manufacturing Report on Business, respondents are asked which commodities are rising in price and which ones are declining.  In this month's report, respondents saw increases in 20 commodities and decreases in one (natural gas), for a net of 19.  On a three month average basis, the net number of commodities rising in price is now up to 17, which is the highest level since August 2008.  While no one is complaining about improved economic demand, one unwelcome by-product of the improved economic picture is rising prices.  Along those lines, this month's increase in the commodities survey to its highest level in over a year suggests that worries over inflation may begin to grow louder.

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