Eurozone PMI Services was finalized at 51.2 in July, down from 53.0 in June. That’s the lowest level in 6 months. PMI Composite was finalized at 49.9, down from 52.0 in June, a 17-month low.
Looking at some member states, Spain PMI Composite was finalized at 52.7 (6-month low), France at 51.7 (15-month low), Germany at 48.1 (25-month low), and Italy at 47.7 (18-month low).
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The eurozone economic outlook has darkened at the start of the third quarter, with the latest survey data signalling a contraction of GDP in July. Soaring inflation, rising interest rates and supply worries – notably for energy – have led to the biggest drops in output and demand seen for a almost a decade, barring pandemic lockdown months.
