Euro area private sector contracted the most in eight months in July due to the deepening downturn in manufacturing and a near-stalling of services output.
The final HCOB composite output index fell to an eight-month low of 48.6 in July from 49.9 in June, S&P survey results showed Thursday. The flash score was 48.9.
At 50.9, the services Purchasing Managers’ Index, or PMI, hit a six-month low from June’s 52.0. The reading was well below the flash reading of 51.1.
There was a sharp reduction in demand for euro area goods and services in July. New business dropped for the second straight month, with a sharp fall in new export orders.
