Euro zone business growth slowed in May but still resilient: PMI

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 92%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Growth in eurozone business activity slowed in May but was still relatively strong despite a cost of living crisis

Growth in eurozone business activity slowed this month but was still relatively strong despite a cost of living crisis putting a dent in consumer spending power and a shortage of raw materials holding back expansion in manufacturing, a preliminary survey showed.

Growth in demand for services weakened – the new business sub-index fell to 55.2 from 56.6 – but firms did increase head count at a faster rate than in April. Momentum in Britain’s economy, outside the euro zone and European Union, slowed much more than expected this month, adding to recession worries as inflation pressures ratcheted higher, another survey showed.

Euro zone manufacturing input and output prices both remained high and factory managers passed on the increasing costs of materials to customers. The output prices index only nudged down from April’s record high of 77.3 to 76.0.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines