Inflation pressures are surging in US manufacturing: The ISM Manufacturing PMI rose +0.3 points in March, to 52.7, the highest since August 2022. This marks the 3rd consecutive monthly expansion despite the Iran war. However, prices paid jumped +7.8 points, to 78.3, the highest since June 2022, driven by surging oil prices and supply chain disruptions. Prices paid have soared +19.3 points over the last 2 months, the biggest 2-month increase in at least 10 years. Furthermore, supplier delivery times surged +3.8 points, to 58.9, the highest since May 2022, as the war disrupts global shipping routes and ports. Manufacturing production costs are skyrocketing.(The Kobeissi Letter)