PMIs: Recessions knocking at the door

Another month, another set of downbeat PMIs for advanced economies. The demand indicators weakened markedly in the US and the euro-zone for the second month in a row, crossing over into recessionary territory. The flipside of the softer demand is that capacity constraints are alleviating, causing pipeline price pressures to weaken. But we are still well away from central banks easing off on the brake pedal. Drop-In (15:00 BST, 27^th July): To mark publication of their latest quarterly Outlook, our Global Economics team will lead a 20-minute briefing about which economies are more vulnerable to a downturn but also where we expect outperformance. They’ll also discuss our latest views on how inflation will continue to dominate policy decision-making – but also why we think some central banks could reverse course on rates starting next year. Register now.