Prices are “still too high but going in the right direction,” said Susan Spence, chair of the Institute for Supply Management.

Prices are “still too high but going in the right direction,” said Susan Spence, chair of the Institute for Supply Management.

"...beneath the survey we see some warning signs about the future growth trajectory."

U.S. manufacturing activity reached its highest level in over four years during July. Strong order growth boosted factory employment, while supply chains faced strain. Input costs…