Earlier this week we noted that our Commodities Survey index for the ISM Manufacturing report reached the highest level since 2011.  With this morning’s release of the ISM Services report, we just updated our combined Commodities Survey index to include data from both the Manufacturing and Services sector.  The chart below shows the three-month moving average of the net number of commodities rising in price on a monthly basis since 1999.  In the month of July, ISM reported that a total of 38 commodities were up in price and just one was down.  July’s net reading of +37 brought the three-month moving average for this index to 38.7, which is up from 33 last month but still below the recent high of 40.0 from February.  So while inflation signals in the manufacturing sector ticked up to their highest levels in seven years, the combined reading is close, but not quite at a new high.

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