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While the French executive talks about ” full employment “ and of ” growth “, the global economic situation is visibly deteriorating. However, this degradation could well not be just a simple cyclical “air pocket” but initiate a systemic, deep and multidimensional crisis.
Friday, June 24, the leading indicators of purchasing managers (PMI) calculated by Standard & Poor’s, which are good barometers of the economic situation, showed worrying signs of deterioration. In the euro zone, the composite production index, which includes the industrial and service sectors, fell in one month from 54.8 to 51.9. Admittedly, we remain above 50, which reflects a recession, but the fall is significant and the level reached is the lowest for eighteen months. It should be remembered that the global economy is still recovering from the health crisis.
The fall is particularly dizzying in the service sector, which therefore seems to have been caught up in the crisis, while the manufacturing production index is moving into contraction territory, to 49.3 in June, against 51.3 in May. This is the first time since the first wave of Covid two years ago. As for expectations for the rest of the year, they are falling back to their October 2020 level in services, and to March 2020 level in industry.
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