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EZ manufacturing output falls for first time since depths of initial COVID-19 lockdowns in 2020
June PMI® survey data showed the eurozone manufacturing economy ending the second quarter on a low as production levels fell for the first time in two years. Evidence of worsening conditions for goods producers was seen across many of the sub-indices of the latest PMI survey as total new business intakes and export orders both declined, while business confidence slid to a 25-month low. Backlogs of work, which have been built up significantly throughout the pandemic, also fell for the first time in almost two years as companies focused on completing unfilled orders due to falling demand. Elsewhere, there were further ... (full story)