world economic news

World Economic News – Monday 01/08/2022

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EUROZONE

The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 49.8 in July, hitting a 25-month low indicating the first decline in overall manufacturing sector conditions in nearly two years. The Eurozone Manufacturing Output Index hit a 26-month low, dropped to 46.3, down from last month’s reading, as supply shortages hampered factory operations, with demand falling at the fastest rate “since the eurozone sovereign debt crisis in 2012,” the report revealed.

UK

The United Kingdom’s manufacturing activity hit a 25-month low in July, standing at 51.2, down from 52.8 in June, while still hovering over the neutral 50, the report by S&P Global revealed on Monday. “The UK manufacturing sector shifted into reverse gear at the start of the third quarter,” Director at S&P Global Market Intelligence Rob Dobson explained in the report.

JAPAN

Japan’s service sector saw a softer improvement in business activity in July, with the figure rising at a slower pace compared to the rate of expansion seen in the past ten months-time, according to a report released by the IHS Markit on Monday.

CHINA

China’s National Bureau of Statistics (NBS) Purchasing Manager’s Index (PMI) for manufacturing landed in the expansionary territory in July, despite decreasing to 50.4, according to a preliminary report released on Thursday by the China Federation of Logistics and Purchasing (CFLP).