What is happening to manufacturing prices? What might this mean for the economy?

MANUFACTURING AT A GLANCE January 2023 Series Index Series Index Percentage Point Rate of Trend* index Jan Dec Change Direction Change (Months) Manufacturing PMI 47.4 48.4 -1.0 Contracting Faster 3 New Orders 42.5 45.1 -2.6 Contracting Faster 5 Production 48.0 48.6 -0.6 Contracting Faster 2 Employment 50.6 50.8 -0.2 Growing Slower 2 Supplier Deliveries 45.6 45.1 +0.5 Faster Slower 4 Inventories 50.2 52.3 -2.1 Growing Slower 18 Customers' 47.4 48.2 -0.8 Too Low Faster 76 Inventories Prices 44.5 39.4 +5.1 Decreasing Slower 4 Backlog of Orders 43.4 41.4 +2.0 Contracting Slower 4 New Export Orders 49.4 46.2 +3.2 Contracting Slower 6 Imports 47.8 45.1 +2.7 Contracting Slower 3 OVERALL ECONOMY Contracting Faster 2 Manufacturing Sector Contracting Faster 3