The downturn in euro zone business activity has deepened far more than thought this month in a broad-based fall across the region, particularly in Germany, Europe's largest economy, a survey showed.
In the bloc's dominant services industry activity fell into decline and while the contraction in manufacturing output continued, there were however some signs of a turnaround.
HCOB's flash Composite Purchasing Managers' Index (PMI) for the bloc, compiled by S&P Global and seen as a good barometer of overall economic health, dropped to 47.0 in August from July's 48.6, its lowest since November 2020.
That was well below the 50 mark separating growth from contraction and lower than all expectations in a Reuters poll which had predicted a slight dip to 48.5.
Diese Geschichte stammt aus der August 24, 2023-Ausgabe von Mint Mumbai.
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Diese Geschichte stammt aus der August 24, 2023-Ausgabe von Mint Mumbai.
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