Euro-Area Economic Downturn Deepens as Inflation Curbs Demand
- Composite PMI falls to 48.2, matching economists’ estimate
- Manufacturing and services both saw steepening contractions
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Private-sector activity in the euro zone contracted for a third month as record inflation erodes demand and force some firms to limit production.
Barring months where there were lockdowns, an index of purchasing managers compiled by S&P Global slumped to its lowest level since 2013. The downturn accelerated in manufacturing and services, with new orders falling and the outlook bleak.