The US economy seems to be operating at a very high level right now. That is  certainly supported by the latest "Report on Business" from the Institute for Supply Management, also generally known as the  Purchasing Managers Index.

ISM provides a summary of various economic metrics in its report. Key  to understanding the ISM data is the 50 level. For any metric, a score of over 50 means that metric is expanding. Below 50 means contraction.

So,  with the overall PMI at 60.7, US manufacturing output grew strongly in April. Ditto for new orders.

US Manufacturing at a Glance April 2021

Source: ISM

But US companies cut back on inventories in April. Howeverm prices for materials and components are rising sharply, with a crazy high level of 89.6.

This one chart from ISM really says it all.

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