QQEW - Weekly Indicators: As Commodity And Transportation Prices Continue To Soar Is Manufacturing Wobbling?

• High frequency indicators can give us a nearly up-to-the-moment view of the economy.
• The metrics are divided into long leading, short leading, and coincident indicators.
• Commodity and transportation prices of all kinds are continuing to rise, many at an accelerating rate.
• Evidence is contradictory on the effect on manufacturing, as the Regional Fed indexes have weakened, while the ISM index remains very strong.
• The September employment report’s metrics on manufacturing hours and jobs is therefore of extra importance next Friday.

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