- 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.
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.