The Biden inflationary economy is an historic disaster.
A measure of inflationary pressures faced by manufacturers hit its high mark in nearly 43-years this month, according to data released Thursday by the Federal Reserve Bank of Philadelphia.that its index of prices paid rose four points in April to a score of 84.6 percent, the highest reading since June 1970. More than 85 percent of manufacturers reported increases in input prices.
The high inflationary pressures revealed in the Philly Fed survey, which was conducted between April 11 and April 18, suggest that inflationary pressures have not subsided and inflation may continue to rise in the months ahead. Some economists have said that inflation may have peaked in March, largely because core CPI—which excludes food and energy—declined on a month-to-month basis.
The April results fell short of expectations. Factory activity continued to expand but at a softer pace than expected. The index for current general activity fell to 17.6 in April from 27.4 in March, erasing almost all of last month’s gain and missing economists’ expectations of 20.5.