LONDON, (Reuters) – Euro zone business growth almost ground to a halt in July as demand dried up, according to a survey which showed a deepening downturn in manufacturing is affecting the bloc’s dominant services industry.
Last month the European Central Bank all but promised to ease policy further as the bloc’s growth outlook deteriorates and Monday’s survey will do little to sway market expectations for loosening.
IHS - Markit - Euro - Zone - Composite
IHS Markit’s Euro Zone Composite Final Purchasing Managers’ Index (PMI), considered a good measure of overall economic health, dropped to 51.5 in July from June’s 52.2.
That matched a preliminary reading, but in the past month moved closer to the 50 mark separating growth from contraction.
Service - Sector - Expansion - Euro - Zone
“The service sector continued to sustain the expansion of the overall euro zone economy at the start of the third quarter, but there are signs that the scale of the manufacturing downturn is starting to overwhelm,”...
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