April ISM manufacturing index

  • Worst reading since Feb
  • Prior was 51.8
  • Prices paid 59.0 vs 51.1 in March
  • Highest prices paid since Sept 2014
  • New orders 55.8 vs 58.3 prior
  • Employment 49.2 vs 48.1
  • Highest employment reading since November

That's a big jump in prices paid. That's not shocking given the rise in commodities and drop in the US dollar but it's the kind of thing the Fed will notice.