Manufacturing activity in the Euro Area contracts in July
It decreased to 49.6 from 52.1 in the previous month
Business activity in Euro Area's manufacturing sector contracted in July, as the S&P Global Purchasing Managers' Index (PMI) fell below 50. It decreased to 49.6 from 52.1 in the previous month. This is the lowest level in two years.
The manufacturing sector in the so-called two big economies, Germany and France, is also in contraction territory, with the PMIs at 49.2 and 49.6, respectively.
The PMI index has a threshold level of 50 which divides contraction from expansion, which means the manufacturing sector in the common currency union is still expanding but at a slower rate.
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Read more in the quarterly report Euro Area Economy in a Snapshot - Q2 2022.