All the while, consumers have continued to report that it is high price levels that they find particularly worrying,” wrote Wells Fargo economists Shannon Seery Grein and Jeremiah Kohl.

Wells Fargo economists Tim Quinlan and Shannon Seery defend the release as "actually a decent report," however, noting that an upward revision to April's number (+1.4% from +1.1%) puts May's level ...

"The new orders component was particularly rough," say Wells Fargo economists Tim Quinlan and Shannon Seery. "It slipped 5.9 points to 49.2, which marks the first contraction reading since May ...