The Philadelphia Fed Manufacturing Index rises

The Philadelphia Fed Manufacturing Index rose by 5.8 points to 25.7 in July 2018 from June's 20-month low of 19.9 and above market expectations of 21.5. New order growth picked up, while shipments and employment rose at a softer pace. 

One interesting data to follow is the Spread between Input Cost and Selling price which as you can see from the chart below is compressing.

Companies are paying higher input costs and the concern is that as a result Profit Margins may deteriorate or the cost will be passed to the consumer, increasing inflation.