Despite slumping 'hard' data, 'soft' survey data has been trending higher on a bed of soaring prices (well it must be demand), and supplier delivery delays (well it must be demand) providing any and all asset-gatherers and commission-rakers the ammo to confirm the recovery. But, perhaps, if today's PMI is right, that trend is beginning to end as Markit's final Manufacturing survey for May dropped from April and also ended below the preliminary print (but was still well into expansion at 62.1).

ISM also reported a small miss in its Manufacturing survey.

Stagflation threats loom large in the data as prices soar but production slows.

Input costs rose at the fastest pace since data collection for the series began in May 2007, as greater global demand for inputs put pressure on material shortages.