The Institute for Supply Management's monthly survey holds little but good news this month. The overall index is up to 57.3; anything over 50 indicates expansion, and the index has been over 50 for almost three years now.
Even the bad news isn't really bad. Inventories are growing for the first time in a while, but only barely, and the index has been sitting within a point or two of neutral for months. Customer inventories are also shrinking. At first, one might think that customers will have to adjust, creating inflationary pressure. Except that this trend has persisted for five years without producing inflation. Any price pressure will almost certainly be cyclical.
We'll see how much attention the MSM pays to all this.