June Flash PMI Highest In 15 Years

Eurozone composite flash PMI came in at 59.2 in June, the highest in 180 months (i.e. 15 years), vs 57.1 prior.

• Services posted a 41-month high of 58.0 (vs 55.2 prior, and in line w expectations), while manufacturing was unchanged at 63.1 (just above 62.3 expected).
• The IHS Markit report notes re-opening dynamics, which include stronger price pressures: "the economy re-opened further from virus-fighting restrictions and vaccine progress boosted confidence. Prices charged for goods and services rose at an unprecedented rate, however, as demand continued to outstrip supply. Despite firms taking on extra staff at the sharpest rate for almost three years, June saw a record rise in backlogs of work, a further near-record lengthening of supply chains and the increasingly widespread depletion of warehouse inventories."