WASHINGTON (BLOOMBERG) - Manufacturing from United States to Asia is very much in a slowdown as factories continue to struggle with supply snarls, labour shortages and elevated materials costs.
A measure of US manufacturing activity weakened in June to a two-year low, and several regional Federal Reserve surveys indicated business activity shrank.
Factory purchasing managers' gauges across Asia eased, with South Korea, Thailand and India among those showing the biggest declines, according to S&P Global.
Similar indexes in Poland, Spain and Italy also showed weaker activity compared to May.
Here is a snapshot of the situation around the world.
Consumer spending fell in May for the first time this year and prior months were revised lower, suggesting an economy on somewhat weaker footing than previously thought amid rapid inflation and Fed interest-rate hikes.
Regional Fed manufacturing surveys have taken on a grimmer tone, with four of five indicating business activity shrank in June.
Separately, a measure of overall manufacturing slid to a two-year low as new orders contracted, restrained by lingering supply constraints and some softening in demand.
The pandemic housing boom is careening to a halt as the fastest-rising mortgage rates in at least half a century upend affordability for home buyers, catching many sellers wrong-footed with prices that are too high.
Europe Confidence in the euro-area economy slipped as households become more pessimistic amid fears a Russian energy cutoff will spark a recession.
At the same time, they are less worried about inflation than they were a month ago, though there is a split between core and peripheral euro-area countries.
After suffering from unprecedented shocks in recent years, Britain is succumbing to more intractable problems marked by plodding growth, surging inflation and a series of damaging strikes.
China's economy showed some improvement in June as Covid-19 restrictions were gradually eased, although the recovery remains muted.
That is the outlook based on Bloomberg's aggregate index of eight early indicators for this month.
The overall gauge returned to the neutral level after deteriorating for two straight months.
Japan's factory output shrank at the fastest pace since the height of the pandemic as the lagged impact of China's virus lockdowns continued to disrupt supply chains and economic activity in the region.
The weakness in manufacturing extended across Asia, particularly in South Korea, Thailand, India and Taiwan.
Colombia's central bank delivered its biggest interest rate increase in more than two decades.
Policymakers are bracing themselves for another spike in annual inflation that is already above 9 per cent.
Two years after Argentina emerged from its latest default, a debt crisis is brewing once again.
This time, the immediate trouble is in the local bond market, where creditors have become reluctant to roll over maturing government bonds.
Zambia's inflation rate dropped below 10 per cent for the first time in almost three years in June, bucking a global trend of record consumer-price growth.
Optimism over the nation's economy since the election of Hakainde Hichilema as president in August, a potential debt restructuring and a US$1.4 billion (S$2 billion) bailout package from the International Monetary Fund has seen a rally in the local currency, which has helped contain prices.
Differences in underlying inflation trends call for different policy outlooks among the world's top central banks, according to Bloomberg Economics.
The Fed will have to go well into restrictive territory, the Bank of England may go a little above neutral and the European Central Bank might not even get that far.