Dallas Fed rounds out yet another strong month for regional manufacturing surveys, posting a 17.0 for the general activity index which hits Econoday's high estimate.
New orders are very solid at 14.3 with unfilled orders, however, flat at 0.2. Production is very strong at 20.3 with shipments at 18.1. Labor data are also positive, at 9.9 for employment, 14.5 for hours worked, and a very strong 26.9 for wages & benefits which points to inflationary pressures. And both input prices, at 26.9, and selling prices, at 10.2, show sharp acceleration in the month. Inventory data are flat with delivery times slowing slightly.
Regional reports, based on small voluntary samples, have been showing unusual strength though national factory data from the government have been little better than mixed.