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Today's US data releases, which come ahead of tomorrow's more comprehensive jobs report, point to continued robust economic activity, solid labor market, and greater cost pressures. Specifically: Labor market: With initial jobless claims below 200,000 once again (at 197,000), this partial indicator points to continued strength. ISM Manufacturing: The slight dip in September to 54.5 (below the consensus forecast of 55.0 and down from 54.6 in September) occurred even though new orders beat expectations (55.3 vs. 54.7). Price pressures: Costs are well ahead of expectations (79.9 vs. 73.0 consensus, up from August's 71.1). This is contributing to longer lead times for supply deliveries. #economy #markets #inflation #growth