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PMIs suggest marked slowdown underway in DMs

Having held up better than much of the data in recent months, the S&P Global PMIs have finally taken a considerable leg-down in the US and euro-zone. While the PMIs are still consistent with economic expansion rather than recession in Q2, they nonetheless point to a much slower pace of growth at the end of the quarter, and the forward-looking components are even more downbeat about demand in Q3.
Simon MacAdam Senior Global Economist
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