Latest Fed data on economy shows slowing manufacturing and a rather steady non manufacturing business (chart below).

Inventories in manufacturing are down but up in the other for a rather flat invetory-to-sales ratio. This measure is is the one where it is no good if it goes up because to much inventory is associated with a recession, nor do we want it to go down too fast because it may spark price hikes.

Volatile prices, stemming from commodities and oil, are on a down swing – a good thing for the economy because we see the effect of those falling prices in a substantially lower prices manufacturers paid for their inputs.

Rest of the chart and data available here.