Overview
- Monday's PMI releases showed S&P Global's composite index at 58.4, the strongest overall private‑sector expansion in over five years, led by an unusually strong services sector.
- The Institute for Supply Management reported the US non‑manufacturing PMI at 54.9 while its prices‑paid gauge surged to 74.0, signalling a sharp rise in input inflation for American service firms.
- Survey respondents across Europe, Japan, Australia, Canada and South Africa repeatedly cited higher fuel and commodity costs and shipping bottlenecks as the main drivers of faster input and output price increases.
- Labour signals diverged: the US and Japan showed stronger hiring and backlogs, while the UK, Australia, Canada and South Africa reported job cuts or weak employment in services.
- Policymakers will watch these high‑frequency surveys closely because persistent pass‑through from higher input costs to consumer prices could prompt additional rate moves by central banks and change market rate expectations.