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Decline in euro zone business activity in August was deeper than initially thought, survey suggests

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HCOB’s final Composite PMI dropped to 46.7 in August from July’s 48.6, a low not seen since November 2020

The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession.

That was below the 50 mark separating growth from contraction for a third month and shy of a preliminary estimate for 47.0. “The disappointing numbers contributed to a downward revision of our GDP ‘nowcast’ which stands now at –0.1 per cent for the third quarter.” The new business index, a gauge of demand, dropped further below break-even to 46.7 from 48.2, a low not seen since early 2021.

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