European economic activity fell for a second consecutive month in August, a keenly-watched survey revealed on Tuesday.
The S&P Global Flash Eurozone PMI index dropped to its lowest level in 18 months as rising prices hurt demand for services and supplies to manufacturing.
The PMI – or purchasing managers’ index, fell from 49.9 in July to 49.2 in August. A reading below 50 represents a contraction in business activity.
The index dropped under 50 in July after 16 months of growth, as inflation driven by soaring energy prices and supply chain crises batters the world economy.
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