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7/1, 10:01 AM (Source: TeleTrader)
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Eurozone's manufacturing PMI at 52.1 in June, 22-month low

The growth in Eurozone's manufacturing sector slowed in June, its lowest reading since August 2020 and a fifth consecutive month of decline, according to a report released by S&P Global on Friday. The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 52.1, marking a 22-month low.

The Eurozone Manufacturing Output Index hit a 24-month low, coming at 49.3, down from last month's reading, dropping for the first time in two years. The report revealed that weaker demand conditions, disruptions in supply, as well as the war in Ukraine led to lower production.

"The downturn looks set to gain momentum in coming months. Inventories of both raw materials and unsold stock are rising due to lower than expected production and sales volumes respectively, hinting that an inventory correction will act as an additional drag on the sector in coming months," said Chief Business Economist at S&P Global Market Intelligence Chris Williamson.

Baha Breaking News (BBN) / AB