Euro zone business activity contracted in July as price rises bite: PMI

PMI fell to 49.4 in July from 52.0 in June, well below all forecasts in a Reuters poll that had predicted a more modest dip to 51.0

Euro zone business activity unexpectedly contracted this month due to an accelerating downturn in manufacturing and a near-stalling of service sector growth as burgeoning costs pushed consumers to cut back on expenditure, a survey showed.

“The euro zone economy looks set to contract in the third quarter as business activity slipped into decline in July and forward-looking indicators hint at worse to come in the months ahead,” said Chris Williamson, chief business economist at S&P Global. The PMI covering the bloc’s dominant services industry dropped to a 15-month low of 50.6 in July from 53.0, below all the predictions in the Reuters poll that had indicated a fall to 52.0.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

globeandmail /  🏆 5. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5 things to know for Friday, July 22, 2022The Jan. 6 committee puts a lens on what Donald Trump was doing during the attack of the U.S. Capitol, the federal government will freeze funding for Gymnastics Canada, and a craft brewery is running entirely on solar power. Here's what you need to know today.
Read more »

Gary Varvel cartoon, July 22, 2022Get your daily fix of our daily editorial cartoons covering politics in Canada, US and around the world. View commentary expressed in drawings.
Read more »

P.E.I. gas, furnace oil, diesel prices drop July 22, 2022 | SaltWireIt keeps getting less expensive to fill up at the pumps in Prince Edward Island as the Island Regulatory and Appeals Commission announced a ...
Read more »

ANC Podcast: July 22, 2022 | Terry Rafih on U.S. stores, online sales and the luxury taxRafih Auto Group CEO Terry Rafih compares and contrasts Canadian and U.S. operations, discusses his new, unique Gen-5 Porsche store in Michigan, and talks about “the ups and downs of Detroit” as it relates to automotive. He also has some candid thoughts on the Canadian federal luxury tax.
Read more »