Business activity slows in Europe


Higher interest rates are taking their toll on business activity, economist says

Business activity growth in Europe slowed in June, pointing to a difficult end to the second quarter, according to preliminary data Friday.

The euro zone’s flash composite Purchasing Managers’ Index dropped to 50.3 in June from 52.8 in the previous month. This was below the 52.5 expected by analysts. A reading above 50 marks an expansion in activity, while one below 50 marks a contraction.

“Eurozone business output growth came close to stalling in June, according to the latest HCOB flash PMI survey data produced by S&P Global, pointing to renewed weakness in the economy after the brief growth revival recorded in the spring,” S&P Global said in a release.

“Although energy and supply chain…


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