Categories: Economy

Eurozone economic activity points to a decline in July

The purchasing managers’ index (PMI) for July fell to 48.9, according to data from the purchasing managers’ survey.

Business activity in the euro area weakened in July, falling further below the level indicating contraction.

THE FALL CONTINUES

The Purchasing Managers’ Index (PMI), which measures activity in the manufacturing and service sectors, fell to an eight-month low from 49.9 in June.

Economists polled by Reuters had forecast the composite PMI for July to be 49.7. In these data, above 50 points indicates growth, below indicates contraction.

DECREASE IN THE EURO

Eurozone PMI along with assessments that the data will be below expectations. euro dollarIt fell below 1.11 for the first time since July 12. The daily drop in the euro/dollar exchange rate was close to 0.4 percent.

The euro/TL, on the other hand, traded at 29.89 with a depreciation of 0.2 percent.

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.