Global PMI Monitor Softness In European Activity

The global flash PMIs for May indicate a stagnation in developed market growth, with the DM composite index hitting 50.0. While US manufacturing remains resilient, sharp declines in European and UK service activity highlight increasing downside risks.

Key Takeaways

• 1.The developed market (DM) composite flash PMI stagnated at 50.0 in May, indicating no growth as service sector declines offset steady manufacturing activity.
• 2.Economic activity in Europe showed significant weakness, particularly in France where the composite PMI plummeted to 43.5.
• 3.Inflationary pressures intensified for manufacturers, with input price PMIs for DM manufacturing surging by 6 points to 79.0.

Table of Contents

• DM trends:
• Country-level trends:
• Activity components:
• Inflation-related components:
• Analysis of Early Business Surveys From Our Economics Team
• The Global Economics Team
• Disclosure Appendix

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