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May PMIs Show Rising Risk of Stagflation
In the euro area, the composite PMI slid to its lowest level in nearly three years. Services slumped to its lowest level in over five years, while manufacturing is still in growth territory, but output slowed to 51.0, a 4-month low. Input cost inflation hit a ~3½-year high and selling prices also accelerated (fastest in 38 months), underscoring a stagflationary backdrop. This is the second month in as row that the composite PMI has been below the contractionary threshold of 50 in the euro area. • In France, the composite PMI plunged to a 66-month low, reflecting a steep contraction in output across services, which ... (full story)
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