The Chicago-area manufacturing survey:

  • Prior was 53.6
  • Employment contracted
  • New orders expanded at a slower pace
  • Prices paid rose 25% to the highest in 17 months
  • Supplier deliveries rose
  • Production edged higher
  • Order backlogs lowest since Dec

"order patterns continued to be plagued by a lack of large orders and absence of international demand, purchasers said."

That sounds like the strong dollar is weighing but the latest trade report showed a smaller-than-expected US trade deficit.

"Inventories rose 5.6 points to 49.6, the highest since October as some companies noted difficulty in restocking from offshore suppliers."

That's a bit of a contradictory statement. Inventories rose but it was tough to fill the inventories?