LONDON—Business activity in the eurozone contracted slightly in July for the first time since early last year as consumers reined in spending amid a cost-of-living crisis, according to a survey which suggested the outlook for the economy was gloomy.
S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good gauge of economic health, fell to a 17-month low of 49.9 in July from June’s 52.0, albeit ahead of a preliminary 49.4 estimate. Anything below 50 indicates contraction.
“The euro zone economic outlook has darkened at the start of the third quarter, with the latest survey data signalling a contraction of GDP in July,” said Chris Williamson, chief business economist at S&P Global….