US PMIs Beat Expectations In Early June Data, But...

Following May's resurgence in 'soft' survey data, S&P Global's PMI surveys were expected to dip modestly in preliminary June data this morning.

But the picture was mixed with both Manufacturing flat (but beating expectations 52.0 vs 51.0 exp) and Services down very modestly (but beating expectations 53.1 vs 52.9 exp) rising at the start of June (even as hard data fades)...

Source: Bloomberg

However, prices also rose sharply in the service sector,likewise often attributed to tariffs but also reflecting higher financing, wage and fuel costs. Service sector input costs and selling prices nonetheless rose at slower rates than in May, in part reflecting more intense competition.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

But inflationary fears remais

So take your pick - better than expected but no ongoing recovery and prices are soaring.