The downturn highlights the dilemma for policy-makers who embarked on aggressive tightening cycles in a battle to keep inflation at bay and yet also need to try and forestall potential recessions
A Purchasing Managers’ Index covering the euro zone as a whole showed manufacturing activity contracted in July at the fastest pace since COVID was cementing its grip on the world as demand slumped despite factories cutting their prices sharply.
An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good gauge of economic health, dropped to 42.7 from 44.2, a low not seen in over three years. “Today’s PMI results are an indicator of the ongoing uncertainty that the euro zone manufacturing sector is currently facing,” said Thomas Rinn, global industrial lead at Accenture.
Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contract in July, surveys showed, highlighting the strain sluggish Chinese demand is inflicting on the region. “Manufacturing PMIs remained in contractionary territory across most of emerging Asia last month and the underlying data point to further weakness ahead,” said Shivaan Tandon, emerging Asia economist at Capital Economics.
South Korea’s PMI stood at 49.4 in July, up from 47.8 in June but staying below the 50-threshold, a survey by S&P Global showed.
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