Summary

• Business activity growth across the four largest advanced economies – the US, eurozone, Japan and the UK – grew in June at the fastest rate since the outbreak of the war in the Middle East.
• While growth accelerated in the US and Japan, hitting five- and three-month highs respectively, both the UK and eurozone reported falling output, albeit registering only modest declines.
• The standout performer was the US manufacturing economy, where output growth accelerated to its fastest since July 2021.

S&P Global’s flash PMI surveys showed business growth accelerating in both the United States and Japan in June while further declines were recorded in both the eurozone and UK. These output indicators are likely to map