11m ago
09.51
The energy crisis, soaring inflation, and
recession worries have dragged down Eurozone business activity for the second
month running.
The services sector contracted in August, the latest
survey of purchasing managers shows, following a drop in manufacturing output
reported on Friday.
The decline
was particularly marked in the euro area’s largest economy, Germany, reports
data provider S&P Global.
It found
that the eurozone services sector shrank at the fastest pace in 17 months,
pulling the wider euro economy into its biggest decline in 18 months.
This
increases the risk that the eurozone has fallen into recession this quarter,
explains Chris Williamson, chief business economist at S&P Global Market
Intelligence.
The
deterioration is also becoming more broad-based, with services now joining
manufacturing in reporting falling output. Having led the growth spurt earlier
in the year, consumer-facing services such as travel, tourism and recreation
are now reporting falling activity levels as the rising cost of living pushes
households to cut back on nonessential spending.
Financial
services (notably including real estate) are meanwhile feeling the squeeze from
higher interest rates, and industrial services are seeing their manufacturing
customers reduce their spending amid the downturn in demand for goods.
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