Surprise! ISM Sees Manufacturing Strength in July

From Zach's Here There is some indicators that future months might see as much growth

However, the index with the biggest impact on the very short term is the backlog of orders, and there the picture is not nearly as good. The order backlog sub index fell to 51.5 from 54.5. While that does mean that order backlogs are still rising, they are doing so at a much slower pace than they were in July. Backlogs have been rising on balance for 8 straight months now. Eight industries reported an increase in backlogs while seven showed a contraction.

This report and growth in China is keeping some the commodity prices higher.  Are we headed to 1970's stagflation?