Manufacturing activity across the euro zone declined further last month as a growing cost of living crisis kept consumers wary while soaring energy bills limited production, a survey showed on Monday.
S&P Global's final manufacturing Purchasing Managers' Index fell to a 27-month low of 48.4 in September from August's 49.6, just below a preliminary reading of 48.5 and further below the 50 mark separating growth from contraction.
"Excluding the initial pandemic lockdowns, euro zone manufacturers have not seen a collapse of demand and production on this scale since the height of the global financial crisis in early 2009." Demand fell at the fastest rate since around the time the coronavirus pandemic was sweeping across the world, backlogs of work were run down while stocks of unsold finished products increased as factories raised prices to meet rising costs.
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