Eurozone Business Activity Contracted Again in August: PMI
LONDON—Eurozone business activity contracted for a second month in August as demand sank, with customers wary of the deepening cost of living crisis and gloomy economic outlook curtailing their purchases, a survey showed.
S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a guide to economic health, fell to an 18-month low of 48.9 in August from July’s 49.9, below a preliminary 49.2 estimate. Anything below 50 indicates contraction.
“A second month of deteriorating business conditions in the euro area adds to the likelihood of GDP contracting in the third quarter,” said Chris Williamson, chief business economist at S&P Global….