More Signs of Slowing Global Economy

Jul 22, 2022 1 min read
More Signs of Slowing Global Economy

Today, S&P Global released its flash estimates for the purchasing managers indexes (PMIs) of the US, the Eurozone, the UK, and Japan. They are showing that the global economy is slowing in both the manufacturing and services sectors:

(1) The US services index dropped from 52.7 in June to 47.0 in July. It has been on a downward course since March’s recent high and signaled the sharpest fall in output since May 2020. The manufacturing index edged down from 52.7 in June to 52.3 in July (chart below).

(2) The Eurozone services index fell from 53.0 in June to 50.6 in July, a 15-month low. The manufacturing index dropped from 52.1 in June to 49.6, a 25-month low (chart below).

(3) The UK composite index fell to 52.8, a 17-month low. In Japan, the services index fell to 51.2 in July from June's 54.0, and the manufacturing index fell to 49.5 in July from June's 50.7.

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