The global economy is showing signs of waning momentum and mounting inflation pressures during its third month of a war-induced energy crunch.
Surveys of purchasing managers from Australia to the Europe pointed to an intensifying ordeal for manufacturing and services companies in May. In particular, factory activity as measured by S&P Global either slowed or even contracted across the board on all indexes released early on Thursday, apart from the UK’s.
While the results showed the continuing effects of a stock-building surge, most notably in the US, they also highlighted how jumping costs are forcing businesses to take the hit or else share the pain with customers.
