London, Tuesday, 23 August 2022
The S&P Global Eurozone Composite PMI decreased to 49.2 in August 2022 from 49.9 in July, which was higher than the market expectation of 49.
Following a 16-month streak of increase, the most recent data indicated a second consecutive decline in economic activity across the Eurozone.
The manufacturing industry, where production decreased for the third consecutive month at a strong rate, was once again the primary contributor to the total decline in output.
Despite this, the service sector's activity barely increased in August as the rate of growth dropped for the fourth straight month to the weakest level seen since the sector started to develop again in April 2021.
(Source: Markit Economics // Report by: The Decision Maker – Finance editors)