The PMI surveys have been upbeat in recent months, with the Global PMI hitting an 11-year high in April. We will be looking for signs that strong growth was sustained into May, and especially if services continued to take the lead over manufacturing as COVID-19 recoveries progress. Factory data will also be scrutinized for signs of any easing of April's unprecedented supply delays and record price increases. Any worsening of the demand and supply imbalance will fuel additional inflation worries.
We are keen to see if eurozone countries will join the US and UK in enjoying post-lockdown rebounds as vaccine progress accelerates. Additionally, we will be closely watching countries where case numbers have risen, such as India and Taiwan. Similarly, the detailed sector data will be analyzed for how the recovery is potentially broadening amid signs in April that consumer-facing services are starting to enjoy a return to growth. We will also look at how costs, pricing, and margins are varying by sector, with a detailed look at some commodity-specific trends.
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