<div id="readability-page-1"><div>Following Japan's ugly PMIs (Services lowest since March 2025) and Europe's disaster (weakest composite EU PMI since late 2023)...<img width="500" height="222" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/0%20-%202026-05-21T064123.819.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/0%20-%202026-05-21T064123.819.jpg"/>...with prices surging...<img width="500" height="222" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/0%20-%202026-05-21T064227.718.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/0%20-%202026-05-21T064227.718.jpg"/>All eyes are on the US 'soft' survey data for signs of divergence (or contagion).With US 'hard' data improving notably, the preliminary soft survey data for May was mixed with improved performance in manufacturing was countered by a sluggish service sector.<ul><li>Flash US Services PMI Business Activity Index: 50.9 (April: 51.0). 2-month low.</li><li>Flash US Manufacturing PMI: 55.3 (April: 54.5).48-month high.</li></ul><img width="500" height="310" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/bfmF12E.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/bfmF12E.jpg"/>Source: Bloomberg“The damaging economic impact from the war in the Middle East is becoming increasingly evident in the business surveys,&#34; according to Chris Williamson, Chief Business Economist at S&amp;P Global Market Intelligence:<blockquote>&#34;The ‘flash’ PMI data for May recorded only modest growth of business activity as demand was again squeezed by a further spike in prices and jobs were cut as firms worried over rising costs and the economic outlook. </blockquote>Coming on the heels of a subdued April reading, the May PMI indicates that the economy will struggle to manage annualized GDP growth of much more than 1% in the second quarter...<img width="500" height="332" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-21_06-48-52.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-21_06-48-52.jpg"/>However, Williamson notes that even this subdued pace of growth may not last.<blockquote>&#34;On average, over the past three months order book growth has slowed to its weakest for two years, and a boost from precautionary stock building due to concerns over further price hikes and supply delays will not last forever. </blockquote>Demand also looks set to cool further in response to rising prices. <blockquote>&#34;Firms’ costs have jumped higher at a pace not seen since the energy price shock of 2022 and are being passed on to customers in the form of sharply higher selling prices. The survey price gauges therefore indicate that inflation looks set to rise further just as the economy cools.”</blockquote><img width="500" height="321" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-21_06-52-38.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-21_06-52-38.jpg"/>Finally, while the composite numbers are not that encouraging, on a relative basis, US looks dominant...<img width="500" height="310" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/bfm2F78_0.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/bfm2F78_0.jpg"/>Maybe trump was right about the impact of the war on everyone else? (Just don't tell anyone who drives!)</div></div>

标普全球

美国制造业采购经理人指数（PMI）达到 48 个月来的最高点 55.3，而服务业 PMI 降至 50.9，显示出经济信号的混合。标普全球的首席商业经济学家指出，成本上升和通货膨胀正在压缩需求，预计第二季度国内生产总值（GDP）增长将难以超过 1%。尽管面临挑战，美国经济相较于日本和欧洲显得相对强劲，后者正面临显著的经济下滑

US PMIs Lead The World As Manufacturing Tops 4-Year Highs, Services Sink

- 日本和欧洲 PMI 指标表现不佳，关注美国软数据的分歧迹象。  
- 美国制造业 PMI 上升至 48 个月最高，服务业 PMI 略降至两个月低点。  
- 中东战争对经济影响明显，企业活动增长乏力，通胀压力持续。

美国 PMI 引领全球，制造业达到四年来的高点，而服务业则出现下滑