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<p>The ISM Manufacturing Index moved higher to a reading of 59.9% in August to remain near one of the highest levels of the past two decades (top graph).  Manufacturers reported that demand remained strong as their customers are still attempting to refill their depleted inventories (bottom graph).  While this leading manufacturing gauge remains on solid footing, this supply/demand imbalance is likely to cause shortages and rising prices to persist.</p>
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