PMIs: Activity holding up, but price pressures still rising

The Flash PMIs for April suggest that activity in advanced economies generally held up better than expected at the start of Q2, despite worries of a large hit to industry from lockdowns in China and the war in Ukraine. And there were even some signs that supply shortages eased slightly. But forward-looking indicators from the surveys imply that worse is still to come, and inflationary pressures are still building.