Headline PMIs look strong, but look beneath the surface.
Last week’s flash PMI numbers printed impressive headline highs across major economies:
🇺🇸 US Composite: 56.0 (52-month high), powered by services (56.8) while manufacturing cooled to 53.2.
🇪🇺 Eurozone Composite: 52.1 (9-month high) with German factory output hitting a 55-month high (even as German services lag at 48.5 and France contracts at 48.8).
🇯🇵 Japan: 53.4 (6-month high), reporting its strongest new manufacturing orders since 2018.
🇬🇧 UK: 52.5 (4-month high), though input cost inflation is picking back up.
