Europe remains in the gutter but inflation eases. 
S&P Global Flash Germany PMI
- Flash Germany PMI Composite Output Index: 48.0 (May: 48.8). 18-month low.
- Flash Germany Services PMI Business Activity Index: 46.8 (May: 48.1). 43-month low.
- Flash Germany Manufacturing Output Index: 50.8 (May: 50.4). 2-month high.
- Flash Germany Manufacturing PMI: 50.0 (May: 50.1). 5-month low.
The latest ‘flash’ S&P Global PMI® survey showed a third straight monthly decrease in German business activity in June, with the rate of contraction quickening slightly to the fastest seen for a year-and-a-half. The downturn reflected weakness in underlying demand and contributed to further job losses across the private sector. Elsewhere, the latest data indicated a softening of inflationary pressures, with rates of input cost and output price inflation easing to their lowest in four and three months respectively at the end of the second quarter.
S&P Global Flash Eurozone PMI
S&P Global Flash Eurozone PMI® for June 2026
- Flash Eurozone PMI Composite Output Index: 49.5. (May: 48.5). 3-month high.
- Flash Eurozone Services PMI Business Activity Index: 48.9 (May: 47.7). 3-month high.
- Flash Eurozone Manufacturing Output Index: 51.2(May: 51.3). 5-month low.
- Flash Eurozone Manufacturing PMI: 51.3 (May: 51.6). 4-month low.
Provisional PMI® survey data for June signalled a further reduction in business activity across the eurozone’s private sector amid sustained falls in new orders. A slight drop in employment was also recorded again. Meanwhile, there were signs of inflationary pressures softening, with input costs rising at the slowest pace since the outbreak of war in the Middle East and output charges increasing at the weakest rate in three months. Manufacturers continued to signal sharply lengthened suppliers’ delivery times, while the recent spell of rising purchasing activity came to an end. Most of the responses used in the calculation of the June flash PMI data were received prior to the signing of the memorandum of understanding for a cessation of hostilities between the US and Iran on June 17th.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence: “The eurozone economy is showing enough resilience to just about stay out of recession. The flash PMI registered only a slight drop in business activity in June, meaning the survey is indicative of unchanged GDP over the second quarter.
S&P Global Flash France PMI
S&P Global Flash France PMI® for June 2026
- Flash France PMI Composite Output Index: 47.6 (May: 44.9). 2-month high.
- Flash France Services PMI Business Activity Index: 47.4 (May: 44.3). 3-month high.
- Flash France Manufacturing Output Index: 48.9 (May: 47.8). 2-month high.
- Flash France Manufacturing PMI: 50.7 (May: 49.7). 2-month high.
Business activity in France’s private sector continued to decline in June, according to S&P Global ‘flash’ PMI data, stretching the current downturn into its sixth month. There was some reprieve, however, as the rate of contraction slowed sharply from May, with softer declines in output recorded in both the manufacturing and service sectors.
These comments ironically illustrate the biggest problem for Europe. They won’t take an ounce of responsibility for anything or address problems in any significant way. Instead, they blame the brown people and the “Epstein class” and really anyone else who’s either too weak to fight back or not in the room. The streets could be paved with solid gold and they’d still find a way to complain because apparently America has to babysit them 24/7 or they fall right back into 1934, inflation and racism included.
Wrong. The complaint is, “should the EU let anyone in who can make it across the border, or should they screen out unproductive candidates by thoroughly vetting anyone who wants residence, for what they can bring to the country?” The morons who cry “racist” with respect to reasoned decision-making are the problem. Mexico still vets their immigrant candidates, just like every other country used to do.
Since the european political class will not suffer, why should they care? They can simply ban any political force that opposes the War On Russia, or outright cancel election results they do not like.
And even if the europoliticians do somehow get removed from office, they are replaced by identikit corporate imperialist muppets, and after leaving office, they have comfy visiting think tank fellowships and do-nothing corporate board seats, all kept waiting, just for them.
Andy Burnham is half the man Liz Truss is.
True, insofar as the European political class never has to face the consequences of their actions. There are, however, real-world consequences that operate at longer timescales. Like European GDP rotting away, with the UK being the biggest basket case. That makes their debt-GDP rations even more unsustainable, and condemns these countries to a future of zero opportunity, demographic decline, and increasing irrelevance on the world stage.
Not they care, as they’ll be dead soon, but a future of vassalage awaits them.
Europeans like being slaves. Most law-abiding, rule-following, authority-trusting mindless humans I ever have known. Make dogs and sheep look like critical thinkers.
To the european, for better or worse, everything is about the “done thing”. What matters is being part of the herd, having the right manners, the right clothes, the right credentials. The American, again, for better or worse, asks “Does this work?” and “Can I make a buck off of it?” Both of these mindsets are two-edged swords.
Lived and worked in europe for much of my adult life and left on my own terms.
I love the European justification for doing things the way they do: “that’s the way we’ve always done it!” Said with an authoritative air, as if it was the most logical reason that could ever be conceived.
Europeans love living in the past. “Male Buggery is the foundation of our Empire!” said in the most self-important accent imaginable.
I prefer “History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present, and the only history that is worth a tinker’s damn is the history that we make today.” -Henry Ford
Surely, diverting funds from welfare to Rheinmetal will solve this, thanks to Merz, yet another grandson of Nazis to lead Germany.
PS: Fuehrer means leader in German.
But I thought unvetted illegal immigration was the solution to all economic problems? Shouldn’t growth be booming? Illegal immigrants are only a boon, and if anyone believes otherwise, they are racist!
PS France and Germany have the two largest illegal immigrant populations in Europe, in that order.
https://worldpopulationreview.com/country-rankings/percentage-of-illegal-immigrants-by-country
It is a boom to the owner, that is the Epstein, class. Nothing like cheap labor in their plantations and factories to fatten their wallets and fuel their yachts in Monaco.
Unvetted illegal immigrants are a net drain, unlike vetted legal immigrants that integrate and are a net positive to economic growth.
Not to the Epstein class, they’re a net plus. The Epsteins don’t care about the economic growth of the nation, just their own.
It depends whether you factor in the cost of extra security at the Bataclan, smoldering banlieues and rebuilding the hundreds of churches torched by muslims – including Notre Dame.
Only the idiot class running EU believes the illegal immigrants are a boon to the economy. Most of them are alumni of Soros university or Erasmus student exchange program, the breeding ground (literally) of European elites.
The Europeans have seen this so many times they simply go on with their lives. In France they protest for fun and time off. They enjoy a good life and many finely crafted lifestyles. Why get worked u about what you can’t change.
The Europeons’ rulers have other plans for their subjects. https://www.bbc.com/news/articles/ce91zvnrz0lo
Must get rid of well paid Frenchmen to flood the labor market with the new Frenchmen from the colonies.
meanwhile: Trump picked Kevin Warsh to cut rates. The new Fed chief just told us he has other plans.
https://www.marketwatch.com/story/trump-picked-kevin-warsh-to-cut-rates-the-new-fed-chief-just-told-us-he-has-other-plans-096bba56
The smart money believes Trump is done after the midterms, so Warsh has freedom of movement.
Europe is done.
Demographic death spiral + anti-immigration + growing welfare state costs + war in Ukraine = doom
+ picking a fight with Russia.
picking a fight with Russia
follow USA instructions to fight China (ASML, trade conflicts)
get screwed by the USA (Anthropic limits, spying)
ticking off the muslim world by supporting Israel
getting German exports screwed by making energy too expensive
importing 30M people in 10 years
labeling anyone who critizises the policy “extreme-right”
Aside from the obvious writing mistake that you made and didn’t catch in time to edit it (you wrote anti-immigration instead of pro-immigration) ALL of the rest of the West is in the EXACT same situation:
Demographic winter + unchecked mass immigration + growing welfare state costs + growing public debt + wars and conflicts (including economic and commercial ones) + civilization-ending policies like the “green” religion, feminism, LGBTQ, DEI etc = societal breakdown and eventual implosion.
At this point it’s just a race to who will crash and burn first and I am betting on Perfidious Albion with France, Germany, Northern Europe in general and the US also in very good positions. Pop-corns are ready.
Don’t count Canada out, even with Sissy Justin Trudeau gone.
I absolutely wasn’t, I just mentioned the ones which I think will likely fall first. Canada will IMO not be among the very first to fall but will also not be among the latest.
Given its geo-political situation (and the economical ramifications of it) Canada will likely fall not long after the US.