What US and EU PPI tell us about Multi-Industry

Research evidence excerpt

What US and EU PPI tell us about Multi-Industry

Equity Research

17 June 2026 | 8:23AM BST

EUROPE MULTI-INDUSTRY

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

The US Bureau of Labor Statistics published PPI data for May 2026 on June 11. In

Aditya Agarwalthis note, we look at the various datapoints relevant to Multi-Industry in May +1(212)934-7448 |

PPI data for the US and China and April PPI data for Europe (including Germany aditya.a.agarwal@gs.comGoldman Sachs India SPL

on a country level). Capital Goods PPI is accelerating at a faster rate than the

historical relationship with the raw material moves. As expected, given the

Middle East conflict, in May Capital Goods PPI in the US accelerated sequentially

and remains well above median levels (+3.0 pp). Meanwhile, European PPI for

April shows a sequential acceleration and is above the median (+1.3 pp). China

PPI for May also indicates sequential improvement (+1.1 pp vs April 2026) and is

now at a 46-month high. We map raw material moves most relevant to each

product category on the respective PPI charts and also present company-level

correlations alongside these datapoints in the Appendix.

In the US, pricing remains positive for 100% of the categories we track on a YoY

basis, with average US capital goods PPI growth accelerating to 5.9% yoy in May-26

vs 5.6% in Apr-26. In Europe, average April Industrial PPI was in inflationary territory

in 100% of the categories on a YoY basis and accelerated vs the previous month

(+2.2% yoy in Apr-26 vs 1.6% yoy in Mar-26). In Germany, April PPI was in

inflationary territory in 90% of the categories on a YoY basis and was up sequentially