New Delhi, June 1 -- Here's a flash. No, not a news flash, but up-to-date data called Flash PMIs or Purchasing Managers' Indices.

Flash PMIs are advance high-frequency indicators of survey responses (released once 80-90% of survey responses have been received) that help us gauge the contemporaneous strength of economies. These indicators from the US, China, Germany and Japan have begun to indicate slowing services activity around the world.

The S&P Global Composite Flash PMI for the US was at 51.7 in May, little changed from April. But an underlying detail revealed a slowing service sector at 51 and a still-robust manufacturing sector at 55.3.

As measures, PMIs are 'diffusion indices,' which means that a reading above 50 implies growth...