Eurozone business activity contracted at an accelerating pace in August as the region’s downturn spread further from manufacturing to services. Both sectors reported falling output and new orders, albeit with the goods-producing sector registering by far the sharper rates of decline. Hiring came close to stalling as companies grew more reluctant to expand capacity in the face of deteriorating demand and gloomier prospects for the year ahead, the latter sliding to the lowest seen so far this year. While inflationary pressures continued to run far lower than seen over much of the past two-and-a-half years, led by ... (full story)