Europe remains in the gutter but inflation eases.
S&P Global Flash Germany PMI
Flash Germany PMI Composite Output Index: 48.0 (May: 48.8). 18-month low.
Flash Germany Services PMI Business Activity Index: 46.8 (May: 48.1). 43-month low.
Flash Germany Manufacturing Output Index: 50.8 (May: 50.4). 2-month high.
Flash Germany Manufacturing PMI: 50.0 (May: 50.1). 5-month low.
The latest ‘flash’ S&P Global PMI® survey showed a third straight monthly decrease in German business activity in June, with the rate of contraction quickening slightly to the fastest seen for a year-and-a-half. The downturn reflected weakness in underlying demand and contributed to further job losses across the private sector. Elsewhere, the latest data indicated a softening of inflationary pressures, with rates of input cost and output price inflation easing to their lowest in four and three months respectively at the end of the second quarter.
S&P Global Flash Eurozone PMI
S&P Global Flash Eurozone PMI® for June 2026
Flash Eurozone PMI Composite Output Index: 49.5. (May: 48.5). 3-month high.
Flash Eurozone Services PMI Business Activity Index: 48.9 (May: 47.7). 3-month high.
Flash Eurozone Manufacturing Output Index: 51.2(May: 51.3). 5-month low.
Flash Eurozone Manufacturing PMI: 51.3 (May: 51.6). 4-month low.
Provisional PMI® survey data for June signalled a further reduction in business activity across the eurozone’s private sector amid sustained falls in new orders. A slight drop in employment was also recorded again. Meanwhile, there were signs of inflationary pressures softening, with input costs rising at the slowest pace since the outbreak of war in the Middle East and output charges increasing at the weakest rate in three months. Manufacturers continued to signal sharply lengthened suppliers’ delivery times, while the recent spell of rising purchasing activity came to an end. Most of the responses used in the calculation of the June flash PMI data were received prior to the signing of the memorandum of understanding for a cessation of hostilities between the US and Iran on June 17th.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence: “The eurozone economy is showing enough resilience to just about stay out of recession. The flash PMI registered only a slight drop in business activity in June, meaning the survey is indicative of unchanged GDP over the second quarter.
S&P Global Flash France PMI
S&P Global Flash France PMI® for June 2026
Flash France PMI Composite Output Index: 47.6 (May: 44.9). 2-month high.
Flash France Services PMI Business Activity Index: 47.4 (May: 44.3). 3-month high.
Flash France Manufacturing Output Index: 48.9 (May: 47.8). 2-month high.
Flash France Manufacturing PMI: 50.7 (May: 49.7). 2-month high.
Business activity in France’s private sector continued to decline in June, according to S&P Global ‘flash’ PMI data, stretching the current downturn into its sixth month. There was some reprieve, however, as the rate of contraction slowed sharply from May, with softer declines in output recorded in both the manufacturing and service sectors.
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