CHART OF THE DAY: U.K. May Services PMI Dropped

If you didn’t know, now you know that economic slowing at the country level will naturally lead to slowing at the company level. On the first point, we had more slowing growth data this morning from the Eurozone:

• Eurozone May Manufacturing PMI declined to 54.5, which is an 18-month low;
• Eurozone May Services PMI declined to 56.3, which is a 2-month low;
• U.K. May Services PMI dropped precipitously to 51.8, versus the prior reading of 58.9; and
• U.K. retailers experienced average sales in May, but the outlook for June is -13% below normal seasonal sales.