Bob Elliott
· Nonconsensus
· April 23, 2026 at 11:05
· ⏱ 4 min read
| Read on Substack ↗
Summary
The author observes that recent global PMI data indicates a surge in manufacturing. This is happening as producers rush to increase output ahead of anticipated price hikes and supply chain problems, even while overall end-user demand is showing signs of weakening. Additionally, the author notes a continued lack of clear economic data on the global impact of the Iran war.
•Global PMIs suggest a surge in manufacturing as producers scramble to increase output.
•This production increase is a response to expected rising prices and supply chain challenges.
•The manufacturing surge is occurring despite a broad softening in underlying end demand.
•There is a continued lack of hard data showing the economic ripple effects of the Iran war.