Markets World

Recession fears in grow as Euro zone manufacturing down

Manufacturing activity contracted across the euro zone last month. That’s according to a closely watched survey released this previous Monday.

S&P Global’s final manufacturing Purchasing Managers’ Index fell to 49.8 in July – down from June’s 52.1.

It’s the first time the PMI has gone below 50 since June 2020 – anything below that figure represents a contraction.

S&P said Euro zone manufacturing faces an increasingly steep downturn – and it all adds to the risk of recession in the region. It blamed lower than expected sales, which had forced factories to stockpile unsold goods.

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