ISM Manufacturing Continues to Show Strength with Reading of 61.2, Prices Paid Surges to 85

Continuining the global pattern, U.S. ISM Manufacturing showed a very strong 61.2 (vs 61.4 in February), while price pressures continue without relent.  The latter reading jumped from 82 to 85, which is now at levels last seen in summer 2008, as the commodity bubble peaked (ala $147 oil)

• The ISM’s production index increased to 69, the highest since January 2004, from 66.3. The new orders measure fell to 63.3 from 68, and the gauge of export orders decreased to 56 from 62.5. 
• The employment gauge slipped to 63 from 64.5 in the prior month. 
• The index of prices paid jumped to 85, the highest since July 2008, from 82.