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Eurozone economy shrinks in July as manufacturing downturn worsens and service sector comes close to stalling
After stagnating in June, the eurozone economy started the third quarter with the fastest contraction in business activity since November last year, latest HCOB PMI® survey data compiled by S&P Global showed. July’s contraction was brought about by a deepening downturn in the manufacturing sector and a near-stalling of services output. There was also notable weakness with respect to demand as total new orders fell again and to the quickest extent in nine months. Export performance was a considerable drag as demand from foreign clients fell at the steepest rate since the start of the COVID-19 pandemic over ... (full story)