World Economic News – Thursday 04/08/2022

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UK

The Construction Purchasing Managers’ Index (PMI) in the United Kingdom was down to 48.9 in July, falling from June’s figure of 52.6, S&P Global and Chartered Institute of Purchasing & Supply (CIPS) said on Thursday. The worst-performing segment last month was civil engineering at 40.1, as the business activity declined to the greatest extent since October 2020.

EUROZONE

In its latest Economic Bulletin, the European Central Bank reaffirmed that eurozone’s economic activity is contracting. “The impact of high inflation on purchasing power, continuous supply constraints and higher uncertainty are having a dampening effect on the economy,” reads the report. Overall, inflation remains “undesirably high and is expected to remain above the Governing Council’s target for some time.” The ECB finally stated that the latest data shows a decrease in growth, worsening the economic and financial outlook for the second half of 2022 and beyond.

US

New orders for U.S. manufactured goods showed a significant increase in June, according to a report released by the Commerce Department on Wednesday. The report showed factory orders shot up by 2.0 percent in June after surging by an upwardly revised 1.8 percent in May.

ITALY

Italy’s retail sales dropped in q2, after rising in the previous two months, data from the statistical office Istat showed on Wednesday. The value of retail sales fell 1.1% month-on-month in June, reversing a 2.0% increase in May.