Central-Bank Action Finally Cooling Global Economy, Data Indicate

Recent surveys of purchasing managers in the eurozone, Japan, and Australia point to a sharp slowdown in the global economy, as central banks struggle to tame inflationary pressures.

June 23, 2023 . 10:50 AM

1 min read

Global business activity slowed sharply in June, indicating that rising borrowing costs may finally be cooling the economy.
Surveys of purchasing managers in the eurozone, Japan and Australia point to sharper-than-expected slowdowns.
Easing of inflationary pressures is also reported by businesses.
Eurozone composite Purchasing Managers Index fell to 50.3 in June from 52.8 in May.
Service sector grew more slowly than in previous months, while manufacturing activity remained weak.