Manufacturing activity across the euro zone contracted last month with factories forced to stockpile unsold goods due to weak demand, a survey showed on Monday, adding to concerns the bloc could fall into a recession.
S&P Global's final manufacturing Purchasing Managers' Index fell to 49.8 in July from June's 52.1, just ahead of a preliminary reading of 49.6 but its first time below the 50 mark separating growth from contraction since June 2020.
"Lower than anticipated sales, reflected in accelerating rates of decline of new orders and exports, have led to the largest rise in unsold stocks of finished goods ever recorded by the survey." The new orders index fell to 42.6 from 45.2, its lowest since May 2020 when the coronavirus pandemic was starting to grip the world, indicating scant chances of a turnaround anytime soon.
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