Daily Economic Briefing: Constructive June survey readings

Research evidence excerpt

Daily Economic Briefing: Constructive June survey readings

J P M O R G A N Global Economic Research

23 June 2026

Daily Economic Briefing

Constructive June survey readings

• The June DM flash PMIs improved, with the composite output index rising Economic and Policy Research

0.8pt to 51.3. At this level, the survey is consistent with growth close to trend Alex Gallin

through midyear (see today’s Focus). Services output rebounded from recent (1-212) 270-5492

lows in the US, Euro area, and Japan, while the UK services index fell again. alex.gallin@jpmorgan.com

Manufacturing output also continued to advance, led in part by the US, where JPMorgan Chase Bank NA

the manufacturing PMI approached a five-year high. The future output index Maia Crook

took a reassuring step higher, with manufacturing expectations continuing to (1-212) 622-8435

maia.crook@jpmorgan.com

outperform services. Employment remains the main soft spot in the surveys— JPMorgan Chase Bank NA

despite an upturn in recent hard data—suggesting some downside risks to our

Nora Szentivanyi

call for a continued pick-up in job growth. (44-20) 7134-7544

• The June non-manufacturing survey from the Federal Reserve Bank of nora.szentivanyi@jpmorgan.com

Philadelphia points in the same direction of modestly improved current J.P. Morgan Securities plc

services activity in the US, but with more mixed details. Firm-level activity Joseph Lupton

returned to positive territory, while new orders remained slightly negative and (1-212) 834-5735

joseph.p.lupton@jpmorgan.com

full-time employment weakened further. Expectations were also less JPMorgan Chase Bank NA

constructive than in the flash PMIs, with the future activity index slipping into

slightly negative territory.

G-4 output PMIs

DI, sa; June is flash

Japan

58 services US