Factory activity in the euro zone shrank faster last month than previously thoug...
LONDON - Factory activity in the euro zone shrank faster last month than previously thought in a broad-based downturn, according to a survey on Monday that suggested there would be no quick turnaround.The downbeat data will likely add to calls for the European Central Bank to ease monetary policy as it also highlighted weakening inflationary pressures.
“Euro zone manufacturing remained stuck firmly in a steep downturn in June, continuing to contract at one of the steepest rates seen for over six years,” said Chris Williamson, chief business economist at IHS Markit. To try to encourage demand, factories barely increased their prices in June. The output prices PMI fell to 50.6 from May’s 51.6, its lowest reading since September 2016.
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