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yesterday

July PMIs Show Factory Downturn, Services Surge Across Major Economies

Trade-policy shifts, coupled with cost pressures, are driving a clear split between contracting factories and resilient service sectors.

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

  • Japan’s manufacturing PMI slipped to 48.8 in July, marking its first contraction in two months as firms cite uncertainty over U.S. tariffs.
  • India’s composite PMI hit 60.7, supported by a 17-year manufacturing high and robust export orders despite rising inflation and weaker job creation.
  • The euro zone’s composite index rose to an 11-month peak of 51.0 on strong services growth, even as France’s and Germany’s PMIs remained below the 50-point expansion threshold.
  • The U.K. private-sector PMI eased to 51.0 as its employment gauge fell to 45.1, signalling accelerated job cuts amid higher labour costs.
  • In the U.S., the flash composite PMI climbed to 54.6 driven by services, while manufacturing dipped to 49.5 and firms passed on tariff-related cost increases.