S&P Global has announced that the eurozone manufacturing sector contracted more than expected in July. The manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in July from 52.1 in June, the lowest level in 25 months.
The PMI index for the eurozone services sector fell sharply to 50.6 in July, its lowest level in 15 months.
The composite PMI fell to 49.4 in July from 52.0 in June.
Economic activity in the eurozone fell short of expectations in July, as the manufacturing sector recorded a faster downward trend and the expansion of the services sector almost came to a standstill. The rising cost of goods forced consumers to curb their spending.