A regional Fed report on manufacturing activity paints a picture of more persistent inflation, with prices paid and received indexes near their all-time highs and producer expectations for the long-run inflation rate seeing a relatively sharp uptick. The Philadelphia Federal Reserve Bank’s November 2021 Manufacturing Business Outlook Survey, released Nov. 18, shows that manufacturing activity in the region continued to grow, with indicators for general activity, shipments, and new orders all rising from October’s readings. On the inflation front, manufacturers continued to report increases in input costs, with the prices paid index rising 10 points to 80.0, the highest reading since the measure hit 80.7 in June, which was a 42-year high. The prices received index, which reflects selling prices, rose 12 points to 62.9, the highest reading since 1974. In a special questions section of the November survey, manufacturers were asked about their expectations for the long-run (10-year average) …