Many Wall Street analysts were keeping a close eye on today’s PMI barrage around the globe – among the most popular leading indicators for key economic inflection points – for the latest indication that the economy is sliding into recession. They got that and more when the latest PMI data out of Europe was nothing short of a “Horror-show” as Bloomberg called it.
The Euro area composite flash PMI decreased by 2.9pt to 51.9 in June- a 16-month low – and far below consensus expectations of 54.0, and the May print of 54.8.
Here are the key numbers (as an aside, responses were collected between 13 and 21 June):
Euro Area Composite PMI (June, Flash): 51.9, consensus 54.0, last 54.8.
Euro Area Manufacturing PMI (June, Flash): 52.0, consensus 53.8, last 54.6.
Euro Area Services PMI (June, Flash): 52.8, consensus 55.5,