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Chris Williamson Profile picture
@WilliamsonChris
Jun 23, 2022 • 5 tweets • 3 min read • Read on X
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Flash #Germany #PMI Composite Output Index falls to 51.3 in June (May 53.7, consensus 53.1), a 6-month low and indicative of GDP contracting. As with France, consensus well and truly missed

More at bit.ly/3OhVVnF
Manufacturing Output Index at 49.0 (May: 51.2) amid steepest drop in factory orders for two years. Services PMI at 5-month low of 52.4 (May: 55.0) with demand also now falling.
German businesses also reported their lowest confidence towards future activity for over two years in June, led by worsening prospects in manufacturing. This points to a worsening economic decline in coming months
One brighter note came from an easing in the number of supply chain delays, in turn linked to weaker demand, which also helped reduce producer price inflation in #Germany
The flash German #PMI data for June also showed a cooling of inflationary pressures in terms of prices charged for goods and services. Still elevated, but off recent peaks.

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More from @WilliamsonChris

Chris Williamson Profile picture
Feb 21, 2023
UK business activity surged back into life in February, according to the flash PMI, displaying renewed growth after six months of decline. The composite PMI rose from 48.5 to 53.0, registering the strongest expansion since last June and smashing expectations of a reading of 49.2
UK PMI input cost gauges also fell further, but only slightly to remain elevated. So #CPI #inflation should continue to moderate, but the Bank of England's 2% target still seems a long way off
Here's the latest UK PMI data on output and prices charted against Bank of England #MPC policy decisions. Hard to see them taking a pause from tightening policy in March!
Read 4 tweets
Chris Williamson Profile picture
Jan 24, 2023
UK #recession risk rises as flash #PMI falls deeper into contraction in January amid worsening service sector economy and ongoing manufacturing decline. More at bit.ly/3WzVTev
Survey highlights how headwinds are driving UK economic activity lower, though price pressures are thankfully cooling - albeit remaining elevated
Survey data also highlight how the #BoE policy tightening is having an impact. More rates hikes to come amid reduced government help to households and businesses will undoubtedly add to recession risks.
Read 4 tweets
Chris Williamson Profile picture
Jan 4, 2023
Global #manufacturing output fell for a 5th straight month in December. Although improving supply helped moderate the rate of decline, a further steepening in the rate of loss of new orders paints a bleak picture of demand. More at bit.ly/3jSl9P9 #PMI
Factories around the world are now also shedding workers in response to worrying signs of excess operating capacity, according to @SPGlobalPMI data
@SPGlobalPMI Similarly, input buying by factories is slumping worldwide as firms adjust their inventories to lower demand and lower production requirements.
Read 4 tweets
Chris Williamson Profile picture
Oct 4, 2022
Global #manufacturing PMI falls into contraction territory for first time since 2020 lockdowns.

Here's our deep dive into the numbers and sub-indices bit.ly/3RzsmPs
Of the 31 economies for which S&P Global PMI data are available for September, some 21 reported falling production. Myanmar and Taiwan are seeing the steepest downturns, followed by the Czech Republic and Poland.
Evidence of any substantial growth in production was largely confined to APAC, led by advances in Thailand, India, Indonesia and Vietnam.
Read 7 tweets
Chris Williamson Profile picture
Jul 19, 2022
Worldwide PMIs to provide guidance on recession risks and inflation trends. Read our free preview of what to look out for in Friday's flash releases ihsmarkit.com/research-analy…
The key data will be the new orders indices, and what they are telling us about the environment in which central banks are hiking interest rates. It's not been looking great up to June ... Image
With forward-looking #PMI indicators such as business expectations, new orders and backlogs of work signalling worse is yet to come, euro area #GDP looks set to contract in the third quarter Image
Read 6 tweets
Chris Williamson Profile picture
Jun 23, 2022
Big miss for French PMI ... Flash #France #PMI Composite Output Index slides to 52.8 in June (May 57.0), a 5-month low and way below expectations of 56.0. Manufacturing output index at just 45.7 (PMI at 51.0) with services index down to 54.4.
bit.ly/3bmbj41
So French manufacturing is in a steep decline and the service sector is losing momentum rapidly.
Forward-looking indicators have also turned down sharply in #France. Confidence slid to a 19-month low in June, while new orders and backlogs of work rose at the slowest rates for 14 months
Read 4 tweets

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