Sentiment on the ground isn't meshing with the official data when it comes to inflation.
Despite government numbers showing that inflation remains tame, companies increasingly are expressing worry that it is in the pipeline and posing a threat to profits.
"Inflation remains a key concern for management," Goldman Sachs strategist David J. Kostin and others wrote in a research note. "Companies noted the potential long-term impact of rising costs on margins despite hedges that reduce the near-term impact on profits."
Data show that overall, inflation pressures are largely absent from the current economic picture.
The consumer price index rose just 0.3 percent in June, the latest month, while the personal consumption expenditures index has been gaining at just a 1.6 percent pace, both considerably below the targets before the Federal Reserve would begin raising interest rates. There also are few wage pressures, with labor costs up just 0.6 percent in the second quarter and weekly wages tracking at a 2 percent annualized increase.