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Flash PMIs show two-speed global economy -- and a dilemma for central banks

For the US, UK and the Eurozone, the Flash Manufacturing PMIs for May are all below 50, which means they have shrunk compared to the previous month. In contrast, the Flash PMI for the services sector shows robust expansion 

May 24, 2023 / 10:40 AM IST
Flash PMIs show two-speed global economy -- and a dilemma for central banks

Markets around the world have been rallying on hopes that with inflation coming down, central banks will pause their rate hikes or start cutting rates

The first thing to note in the Flash or advance Purchasing Managers Indices (PMIs) for May for the advanced economies is that growth is still strong. As Chart 1 shows, the Flash Composite PMIs for the US, UK, the Eurozone and Japan for May all came in well above 50, which indicates robust expansion from the previous month. (image) The flash PMIs are advance estimates of the final PMI readings, based on 80-90 percent of the survey responses for the month. The Composite PMIs measure...

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