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Global PMIs Highlight Services Boom and Manufacturing Slump

Tariff-driven cost pressures have pushed factory PMIs below 50, reflecting a squeeze on industrial output against a backdrop of robust service sector growth.

Engines assembled as they make their way through the assembly line at the General Motors (GM) manufacturing plant in Spring Hill, Tennessee, U.S. August 22, 2019. Picture taken August 22, 2019. REUTERS/Harrison McClary/File Photo
A general view of the skyline in Mumbai, India, May 5, 2025. REUTERS/Francis Mascarenhas/File photo
A commuter train passes by the skyline with its financial district ahead of the European Central Bank?s (ECB) governing council meeting later this week in Frankfurt, Germany, October 25, 2021. REUTERS/Kai Pfaffenbach/File Photo
A person walks past the Bank of England, in London, Britain, September 23, 2024. REUTERS/Mina Kim/File photo

Overview

  • India's composite PMI reached 60.7 in July, underpinned by its manufacturing PMI at a 17-year high of 59.2, even as inflationary pressures intensified and business confidence fell to its lowest since March 2023.
  • Euro zone business activity accelerated to an 11-month high with a composite PMI of 51.0, services PMI at 51.2 and manufacturing PMI lingering in contraction at 49.8.
  • U.S. private sector output rose with a composite PMI of 54.6 and services PMI of 55.2, but manufacturing dipped to 49.5 as nearly two-thirds of firms blamed tariffs for higher input costs.
  • Japan's manufacturing PMI slid back into contraction at 48.8 on tariff uncertainties, while its services PMI surged to 53.5, marking the fastest expansion in five months.
  • UK private sector growth cooled to a composite PMI of 51.0 in July, and its employment index fell to 45.1, indicating the quickest rate of job cuts since February.