Released: 19 February 2021
US February Sales Survey Shows Prices Keep Rising Fast, and the Job Market Stays Weak
The most serious negative to emerge from the February Sales Managers Survey was the continuation of the widespread price rises seen since November. It is looking likely that the US will see the re-emergence of significant price inflation over the next year.
Given the significant increase in broad based money supply since the Covid virus arrived last year (the biggest jump seen in 150 years), it isn't surprising that inflation expectations are also rising. These survey results confirm that these expectations look like turning into reality, and the Federal Reserve's new caution in relation to the likelihood of 2%+ price changes is justified.
The Staffing Index also continues to provide unwelcome news. The Index fell again in February and stayed well below the 50 “no growth” level. Given the increasing activity levels this means employers continue acting with considerable caution in relation to taking on new staff.
United States: Prices Charged Sales Managers Index
The Headline Sales Managers' Index (SMI) - a composite indicator designed to provide the most up-to-date assessment of business activity.
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