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The ISM Manufacturing Prices Index is an economic indicator that measures the prices paid by manufacturers for raw materials and supplies. The index is calculated based on a monthly survey of purchasing and supply executives across various industries, and is reported as a percentage of the total number of respondents reporting higher prices compared to the previous month.
The ISM Manufacturing Prices Index is important because it provides insights into inflationary pressures within the manufacturing sector, which can have broader implications for the economy as a whole. When manufacturers experience higher costs for raw materials and supplies, they may pass those costs on to consumers in the form of higher prices for finished goods, which can contribute to overall inflation. Conversely, lower prices can indicate weaker demand and potentially slower economic growth. The index can also provide valuable information about trends in specific industries and markets, as well as potential shifts in global supply chains and geopolitical risks that may affect prices.
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