IHS Markit/CIPS All-Sector PMI (Jun.)

While the PMIs are tricky to interpret at the moment, the recovery in the all-sector PMI from a trough of 13.4 in April to just shy of 50 in June is another sign that there has been a strong initial rebound from the lockdown. However, still-depressed employment intentions suggest that there is worse to come for the labour market.

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