The global manufacturing PMI has eased slightly in June but this is masking diverging dynamics. The index was stable in the US, there was a small improvement in the euro area, the UK, Japan and China were weaker. India dropped below 50 and the decline in Vietnam was even bigger. In a nutshell, the levels remain very high in the developed economies but there is a loss of momentum. In the emerging countries, the picture remains very diverse, both in terms of level and change versus May.
MANUFACTURING PMIThe global services PMI moved down in June, getting close to the level seen in April. There was a considerable decline in the US whereas the euro area saw a big improvement. Data in the individual member states were better than in My, in particular in Germany and Italy. The situation improved in Japan but the index is still below 50. In China and India on the other hand, big drops were recorded.
SERVICES PMIThe global composite PMI declined, reflecting the conflicting influence of the US, China and India (all down quite a bit) versus a further improvement in the euro area.
COMPOSITE PMI*The global manufacturing employment PMI has been moving sideways since the month of April. The numbers for the US are weaker for the second month in a row whereas those for the euro area and its member states for which data are available, continue to improve. Ireland and Italy are exceptions. They recorded slightly weaker data. That’s also what happened in the UK. Interestingly considering the decline of its composite PMI, the employment PMI in China improved somewhat.
MANUFACTURING PMI – EMPLOYMENTGlobal export orders sentiment has weakened, with a big decline in the US, the UK, Russia, China, India, Indonesia, Vietnam. Manufacturing employment PMI has been moving sideways since the month of April. The weakening in Eurozone numbers is more limited and the picture is diverse with a jump in Greece and poorer data in Italy and the Netherlands
MANUFACTURING PMI – NEW EXPORT ORDERSGlobal manufacturing input prices have eased slightly but remain at very elevated levels. However, the number of companies reporting higher input prices continues to rise in the US and the Eurozone. It has jumped in June in Italy, Spain and the Netherlands, which sees the highest level of all countries under review. In China and Vietnam, price pressures have declined in June.
Global services input prices have also eased slightly whilst remaining at a high level, although it’s lower than in manufacturing. Whereas the US and, even more so, China have seen declines in June, the index has continued to move higher in the Eurozone. The movement is broad-based but Germany stands out with a particularly sizeable jump.
Global manufacturing output prices were a bit lower in June. The biggest declines were recorded in Brazil and Vietnam. The number of companies reporting that they are raising output prices has remained stable in the US but continued to move higher in the Eurozone. Germany, Greece, Ireland and Spain saw sizeable increases. In the Netherlands a big jump could be recorded. There was also a considerable increase in the UK.
PMI - MANUFACTURING INPUT PRICES
PMI: SERVICES - INPUT PRICES
PMI - MANUFACTURING OUTPUT PRICES
