Pantheon Macroeconomics

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PM Datanote: US ISM Services Survey, December 2025

PM Datanote: US ISM Services Survey, December 2025

Still an unreliable guide to services spending.

CHINA+ DATA WRAP 4 February 2026: RatingDog services PMI posts a modest gain

CHINA+ DATA WRAP 4 February 2026: RatingDog services PMI posts a modest gain

RatingDog services PMI posts a modest gain, largely reflecting pre-holiday seasonality

PM Datanote: US ISM Services Survey, March 2026

PM Datanote: US ISM Services Survey, March 2026

Probably providing a false read on services inflation.

CN Datanote: RatingDog Services PMI, China, April

CN Datanote: RatingDog Services PMI, China, April

In one line: China's RatingDog services PMI lifted by domestic demand on new product launches and innovation

PM Datanote: RatingDog Services PMI, China, March

PM Datanote: RatingDog Services PMI, China, March

In one line: China's RatingDog services PMI cools on payback effect, wither employment softening

Chart of the Week 22nd Feb 2023

Chart of the Week 22nd Feb 2023

China's top brass wants more consumption; will they get it?

EZ Datanote: PMIs, Switzerland, December 2025

EZ Datanote: PMIs, Switzerland, December 2025

In one line: Dire straits in manufacturing, but big improvement in services.

UK Datanote: UK Final Services and Composite PMI, December 2025

UK Datanote: UK Final Services and Composite PMI, December 2025

In one line: Look past the dissapointing headline, because forward-looking balances improved and price pressures strengthened.

EZ Datanote: INSEE Business Confidence & Advance PMIs, France, January 2026

EZ Datanote: INSEE Business Confidence & Advance PMIs, France, January 2026

In one line: Strength in manufacturing, but PMIs signal weakness in services.

Global Datanote: INSEE Business Confidence & Advance PMIs, France, January

Global Datanote: INSEE Business Confidence & Advance PMIs, France, January

In one line: Strength in manufacturing, but PMIs signal weakness in services.

PM Datanote: US ISM Services Survey, January 2026

PM Datanote: US ISM Services Survey, January 2026

Too unreliable to be of much use.

UK Datanote: UK Final Services and Composite PMI, January 2026

UK Datanote: UK Final Services and Composite PMI, January 2026

In one line: Rebounding growth as uncertainty falls and stubborn price pressures point to just one Bank Rate cut this year.

UK Datanote: UK Final Services and Composite PMI, February 2026

UK Datanote: UK Final Services and Composite PMI, February 2026

In one line: Growth rebounded in the new year and price pressures remain strong

PM Datanote: US ISM Services Survey, February 2026

PM Datanote: US ISM Services Survey, February 2026

Encouraging signs, but an unreliable guide to the hard data.

EZ Datanote: Advance Composite PMI, Germany, March 2026

EZ Datanote: Advance Composite PMI, Germany, March 2026

In one line: Services knocked over amid strength in manufacturing.

PM Datanote: US JOLTS / ISM Services Survey

PM Datanote: US JOLTS / ISM Services Survey

Labor demand still trending down, implying March payrolls jump was just a blip.

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EZ Datanote: Advance PMIs, Germany, January 2026

EZ Datanote: Advance PMIs, Germany, January 2026

In one line: Off to a decent start in Q1.

EZ Datanote: Advance PMIs, Eurozone, January 2026

EZ Datanote: Advance PMIs, Eurozone, January 2026

In one line: Decent, but now signals downside risks relative to official forecasts.

Global Datanote: Advance PMIs, Germany, January

Global Datanote: Advance PMIs, Germany, January

In one line: Off to a decent start in Q1.

Global Datanote: Advance PMIs, Eurozone, January

Global Datanote: Advance PMIs, Eurozone, January

In one line: Decent, but now signals downside risks relative to official forecasts.

EZ Datanote: ISTAT Business Confidence, Italy, January 2026

EZ Datanote: ISTAT Business Confidence, Italy, January 2026

In one line: Italian economy starts the year on strong footing.

EZ Datanote: PMIs, Switzerland, January 2026

EZ Datanote: PMIs, Switzerland, January 2026

In one line: Tentative signs of a recovery after the mayhem of 2025.

Global Datanote: PMIs, Switzerland, January 2026

Global Datanote: PMIs, Switzerland, January 2026

In one line: Tentative signs of a recovery after the mayhem of 2025.

EZ Datanote: Advance PMIs, France, February 2026

EZ Datanote: Advance PMIs, France, February 2026

In one line: A modest rebound, but GDP growth is doing better than implied by the PMIs.

Global Datanote: Flash PMIs, France, February 2026

Global Datanote: Flash PMIs, France, February 2026

In one line: A modest rebound, but GDP growth is doing better than implied by the PMIs.

EZ Datanote: Advance PMIs, Eurozone, February 2026

EZ Datanote: Advance PMIs, Eurozone, February 2026

In one line: Consistent with a modest recovery.

Global Datanote: Flash PMIs, Eurozone, February 2026

Global Datanote: Flash PMIs, Eurozone, February 2026

In one line: Consistent with a modest recovery.

EZ Datanote: ISTAT Business Confidence, Italy, February 2026

EZ Datanote: ISTAT Business Confidence, Italy, February 2026

In one line: Slight deterioration, but consumers and retailers are upbeat.

EZ Datanote: EC Sentiment, Eurozone, February 2026

EZ Datanote: EC Sentiment, Eurozone, February 2026

In one line: Sentiment edges down, price pressures remain elevated.

EZ Datanote: Advance Composite PMI, France, March 2026

EZ Datanote: Advance Composite PMI, France, March 2026

In one line: Consistent with a relatively cautious ECB, for now.

EZ Datanote: Advance PMIs, Germany & Eurozone, April 2026

EZ Datanote: Advance PMIs, Germany & Eurozone, April 2026

In one line: Stagflation is back, with a vengeance.

Global Datanote: Advance PMIs, Germany & Eurozone, April 2026

Global Datanote: Advance PMIs, Germany & Eurozone, April 2026

In one line: Stagflation is back, with a vengeance.

Chart of the Week 3rd May 2023

Chart of the Week 3rd May 2023

The Fed will hike again today and won't say rates have peaked

Products and Services

Products and Services

Our Independent Economic Research is presented in a number of different formats

EZ Datanote: Advance Inflation, Germany, January 2025

EZ Datanote: Advance Inflation, Germany, January 2025

In one line: Falling energy and services inflation overpowered by rising inflation in food and core goods.

UK Datanote: U.K. Consumer Prices, January 2026

UK Datanote: U.K. Consumer Prices, January 2026

In one line: Inflation miss too small to stop a March rate cut, but stubborn services inflation means a second cut this year is far from certain.

PM Datanote: Economic activity index, Chile, January, 2026

PM Datanote: Economic activity index, Chile, January, 2026

In one line: Services rebounded, partly offsetting renewed weakness in manufacturing.

Global Datanote: Economic activity index, Chile, January, 2026

Global Datanote: Economic activity index, Chile, January, 2026

In one line: Services rebounded, partly offsetting renewed weakness in manufacturing.

CHINA+ DATA WRAP 24 March 2026: Japan's inflation fell, ahead of oil price surge

CHINA+ DATA WRAP 24 March 2026: Japan's inflation fell, ahead of oil price surge

Japan's inflation fell in February, ahead of oil price surge; Services firms' sentiment dives to mid-2020 level

26 March 2026 UK Monitor Underlying services inflation sticky heading into the energy shock

26 March 2026 UK Monitor Underlying services inflation sticky heading into the energy shock

Underlying services inflation sticky heading into the energy shock

CHINA+ DATA WRAP 31 March 2026: China's manufacturing activity resilient

CHINA+ DATA WRAP 31 March 2026: China's manufacturing activity resilient

China's manufacturing activity resilient, despite jump in energy-related costsChina's services activity unseasonally strong Tokyo inflation softens

23 April 2026 UK Monitor CPI review: strong underlying services inflation limits BoE options

23 April 2026 UK Monitor CPI review: strong underlying services inflation limits BoE options

CPI review: strong underlying services inflation limits BoE options

PM Datanote: Flash PMIs, Japan, April

PM Datanote: Flash PMIs, Japan, April

In one line: Japan manufacturing boosted by precautionary front-loading amid supply shocks while services slow

EZ Datanote: Advance Inflation, Germany, April 2026

EZ Datanote: Advance Inflation, Germany, April 2026

In one line: Services flattered by plunge in package holiday inflation.

PM Datanote: US S&P Global Composite PMI, April 2026

PM Datanote: US S&P Global Composite PMI, April 2026

Core services inflation unlikely to accelerate sharply.

14 May 2026 UK Monitor CPI preview 2: slowing to 3.0%, as services inflation drops sharply

14 May 2026 UK Monitor CPI preview 2: slowing to 3.0%, as services inflation drops sharply

CPI preview 2: slowing to 3.0%, as services inflation drops sharply

 

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