world economic news

World Economic News – Friday 01/07/2022

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EUROZONE

The euro area annual inflation rate was 8.1% in May 2022, up from 7.4% in April. A year earlier, the rate was
2.0%. European Union annual inflation was 8.8% in May 2022, up from 8.1% in April. A year earlier, the rate was
2.3%. These figures are published by Eurostat, the statistical office of the European Union. In May, the highest contribution to the annual euro area inflation rate came from energy (+3.87 percentage points,
pp), followed by food, alcohol & tobacco (+1.59 pp), services (+1.46 pp) and non-energy industrial goods (+1.13
pp)

CHINA

The Caixin manufacturing Purchasing Managers’ Index rose to 51.7 in June from 48.1 in May, according to a report released by the China Federation of Logistics and Purchasing (CFLP) on Friday. A score above 50.0 indicates expansion. Although the pace of growth was moderate overall, manufacturing activity expanded at the fastest pace since May 2021.

GERMANY

The German manufacturing PMI fell to 52 in June of 2022 from 54.8 in May, pointing to the slowest growth in factory activity since July of 2020, the S&P Global revealed in its report on Friday.”The data for the three months to June pointed to the sector’s weakest quarterly trend in production for two years,” Economics Associate Director at S&P Global Phil Smith noted.

INDIA

The S&P Global factory Purchasing Managers’ Index fell to 53.9 in June from 54.6 in May, survey results from S&P Global showed on Friday. Manufacturing activity continued to expand last month on robust domestic and foreign client demand, but the pace of growth eased to a nine-month low amid intense price pressures.