--print-data-base doesn't output in the documented order

The man page says:

      -p, --print-data-base
            Print the data base (rules and variable values) that
results from reading the makefiles; then execute as usual or as
otherwise specified.  This also prints the version information given
by the -v switch (see below).  To print the data base without trying
to remake any files, use make -p -f/dev/null.

But when I try 'make hello' with this Makefile:

hello:
        @echo $@

The hello is output before the database, not after.  It looks like
things don't happen in the order specified, or else some sort of
undocumented buffering is happening.

Britton