Big 5 PMI dips a little

 The "flash" (preliminary) PMIs for 5 (i.e., for the USA, Euro Area, Japan, India and the UK) of the big 8 have been released.  The GDP-weighted weighted average of the total for manufacturing and services fell a little in July.

Is this the beginning of an economic downturn?  No.  But as I've said before, the recovery could be sluggish:

• Central Banks have delayed cutting interest rates, because inflation isn't falling as fast as they'd like;
• China is sliding into recession (and even though China isn't included in the data shown below, it's big enough to affect the other economies);
• US fiscal stimulus from the IRA act is waning;
• the post-covid "revenge spending" in services is tailing off.