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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
DATA REACT
A weaker-than-expected overall June Flash PMI report: while manufacturing beat expectations at 62.6 (vs 61.5 survey, 62.1 prior), services missed badly at 64.8 (vs 70.0 survey, 70.4 prior). Composite came in at 63.9, a significant deceleration from 68.7 in May. The manufacturing figure was a record high, while services and composite slipped to 2-month lows.
- Supply chain bottlenecks, labor shortages, and price pressures remained key themes - indeed these were the key reasons the services reading disappointed, even as consumer demand continued to impress. Highlights from the IHS Markit report:
- Activity: Both services and manufacturing firms saw weaker activity, "with goods producers hampered in particular by significant supplier delays and both sectors reporting difficulties finding staff."
- Prices: June saw the 2nd fastest rate of input price inflation on record (down from May), with manufacturers citing high raw material costs, and service firms highlighting higher wages. These costs " were commonly passed on to clients through a steep rise in output charges".
- Employment: "numerous panellists mentioned difficulties finding suitably trained candidates for current vacancies. Although the rate of job creation remained strong overall, growth in backlogs of work was also among the highest seen over the past decade."
Source: IHS Markit, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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