Inflation Surges!

Reuters:
ISM Non-Manufacturing Price Paid Index hits highest level since Sept 2008

from Zero Hedge:

The January non-manufacturing ISM came at 59.4, higher than expectations of 57.2, and compared to 57.1 previously. From the report: "The Non-Manufacturing Business Activity Index increased 1.7 percentage points to 64.6 percent, reflecting growth for the 18th consecutive month and at a faster rate than in December. The New Orders Index increased 3.5 percentage points to 64.9 percent, and the Employment Index increased 1.9 percentage points to 54.5 percent, indicating growth in employment for the fifth consecutive month and at a faster rate. The Prices Index increased 2.6 percentage points to 72.1 percent, indicating that prices increased at a faster rate in January. According to the NMI, 13 non-manufacturing industries reported growth in January. Respondents' comments are mostly positive about business conditions; however, they still remain cautious about the sustainability." But why cautiousness- this is after all the 18 consecutive months of growth? Or is someone concerned what happens when Gen Ben closes the floodgates? With the dollar jumping on the results and stocks falling, it goes to show just how irrelevant economic data is for the bizarro stock market. And yes, prices paid jumped from 69.5 to 72.1, the highest since September 2008. Nothing to see here.