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Mixed Global PMI Trends Emerge in June with Tariffs Driving Inflation

Divergent performances from India’s 14-month private sector high to France’s further contraction highlight uneven recovery paths.

People cast long shadows in the winter sunlight as they walk across a plaza in the Canary Wharf financial district of London, Britain, January 17, 2018. REUTERS/Dylan Martinez/File Photo
A general view of a production line of German car manufacturer Mercedes-Benz at a factory, in Rastatt, Germany, June 4, 2025. REUTERS/Christoph Steitz/File Photo
Technicians build LEAP engines for jetliners at a new, highly automated General Electric (GE) factory in Lafayette, Indiana, U.S. on March 29, 2017. REUTERS/Alwyn Scott/File Photo
An employee works on the automobile assembly line of Renault Trafic vehicles at the Renault Sandouville car factory, near Le Havre, France, March 29, 2024. REUTERS/Sarah Meyssonnier/File Photo

Overview

  • India’s composite PMI jumped to 61.0 in June, its strongest reading since April 2024, led by robust manufacturing growth and a surge in export orders.
  • France’s flash composite PMI slipped to 48.5, marking its sixth straight month of contraction as new business and services activity declined.
  • The US PMI eased to 52.8 while input-price inflation hit its highest level since mid-2022 amid Trump-era tariffs raising manufacturers’ costs.
  • The eurozone composite PMI held at 50.2, signalling near-stagnation overall even as Germany’s PMI rose to 50.4, indicating a return to modest growth.
  • Employment diverged sharply, with Indian firms adding staff at an 11-month high even as UK private-sector jobs fell for a ninth consecutive month.