{"id":5021,"date":"2023-10-24T12:43:41","date_gmt":"2023-10-24T12:43:41","guid":{"rendered":"https:\/\/infundpros.com\/business\/eurozone-economys-outlook-worsens-shows-business-survey\/"},"modified":"2023-10-24T12:43:41","modified_gmt":"2023-10-24T12:43:41","slug":"eurozone-economys-outlook-worsens-shows-business-survey","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5021","title":{"rendered":"Eurozone economy\u2019s outlook worsens, shows business survey"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Eurozone economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=7d6015f9-3282-42a6-a3a9-192ec68458a0&amp;concept-id=248d873c-6689-4764-bede-cab061889217\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The outlook for the eurozone economy has worsened after business activity retreated more than expected this month, according to a closely watched survey of companies.<\/p>\n<p>S&amp;P Global\u2019s latest monthly poll of purchasing managers across the single currency zone added to fears of an economic contraction by revealing a sharp drop in new business orders, the first fall in employment for two-and-a-half years and a cooling of price pressures.<\/p>\n<p>The HCOB flash eurozone composite purchasing managers\u2019 index, a measure of activity at companies across the 20-country bloc, fell to a 35-month low of 46.5 after contraction of activity in both the services and manufacturing sectors.<\/p>\n<p>The result was further below the 50 mark that separates contraction from expansion than the 47.4 reading forecast by economists in an earlier Reuters poll.<\/p>\n<p>\u201cThis isn\u2019t pretty,\u201d said Claus Vistesen, an economist at Pantheon Macroeconomics, adding that the PMI survey was \u201cpointing to a clear downshift in growth in the second half of the year\u201d.\u00a0<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"1400\" height=\"1000\"><\/source><source media=\"(max-width: 490px)\"  width=\"600\" height=\"800\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/5e5c1ef0-725b-11ee-9f81-0909cac354a1-standard.pn.png\" alt=\"Line chart of Purchasing managers' index showing Eurozone businesses are suffering another downturn\" data-image-type=\"graphic\" width=\"1400\" height=\"1000\"><\/picture><\/figure>\n<p>S&amp;P Global said the fifth consecutive monthly decline in eurozone business activity was the steepest since November 2020. Excluding the months affected by pandemic lockdowns, it was the heaviest fall for a decade. Backlogs of orders shrank at the fastest rate since June 2020. The rate of companies\u2019 selling price inflation was the lowest since February 2021.<\/p>\n<p>Falling business activity and lower demand led to the first decline in employment since early 2021, it said, adding to growing signs of job-cutting in the region\u2019s labour market, which has hitherto remained resilient.\u00a0<\/p>\n<p>The eurozone economy has stagnated or produced only tepid growth since the final months of last year and some economists expect a quarter-on-quarter contraction in gross domestic product when data is released for the July to September period on October 31.<\/p>\n<p>The bloc\u2019s economy has been hit by falling exports and a sharp rise in fuel prices that has hit production in energy-intensive industries particularly hard. Europe\u2019s deteriorating economic outlook contrasts with signs of more resilient growth in the US.<\/p>\n<p>\u201cIn the eurozone, things are moving from bad to worse,\u201d said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. \u201cWe wouldn\u2019t be caught off guard to see a mild recession in the eurozone in the second half of this year with two back-to-back quarters of negative growth.\u201d<\/p>\n<p>In one of the few chinks of hope from the PMI survey, there was \u201ca marginal improvement\u201d in companies\u2019 outlook for their output in the coming year, particularly in the services sector, \u201cthough the overall level of sentiment remained among the worst seen over the past year,\u201d said S&amp;P Global.<\/p>\n<p>The deteriorating growth outlook reinforced expectations that the European Central Bank would call a halt to its recent interest rate rises for the first time in 15 months when it meets in Athens on Thursday. \u201cAnother ECB interest rate hike in the coming months is becoming increasingly unlikely,\u201d said Christoph Weil, an economist at German lender Commerzbank.<\/p>\n<p>Adding to the gloomy outlook, the ECB published its quarterly survey of commercial banks on Tuesday, showing they had tightened their lending standards further in the third quarter, while demand for new borrowing by households and businesses also declined.<\/p>\n<p>\u201cCumulative net tightening since 2022 has been substantial, which is consistent with the ongoing significant weakening in lending dynamics,\u201d it said.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/7d6015f9-3282-42a6-a3a9-192ec68458a0\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Eurozone economy myFT Digest &#8212; delivered directly to your inbox. The outlook&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-5021","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=5021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=5021\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-24T12:43:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/5e5c1ef0-725b-11ee-9f81-0909cac354a1-standard.pn.png\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=5021#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=5021\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Eurozone economy\u2019s outlook worsens, shows business survey\",\"datePublished\":\"2023-10-24T12:43:41+00:00\",\"dateModified\":\"2023-10-24T12:43:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=5021\"},\"wordCount\":582,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=5021#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=5021\",\"url\":\"https:\/\/infundpros.com\/?p=5021\",\"name\":\"Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-10-24T12:43:41+00:00\",\"dateModified\":\"2023-10-24T12:43:41+00:00\",\"description\":\"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=5021#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=5021\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=5021#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Eurozone economy\u2019s outlook worsens, shows business survey\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros","description":"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=5021","og_locale":"en_US","og_type":"article","og_title":"Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros","og_description":"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy","og_url":"https:\/\/infundpros.com\/?p=5021","og_site_name":"inFundPros","article_published_time":"2023-10-24T12:43:41+00:00","og_image":[{"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/5e5c1ef0-725b-11ee-9f81-0909cac354a1-standard.pn.png"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=5021#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=5021"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Eurozone economy\u2019s outlook worsens, shows business survey","datePublished":"2023-10-24T12:43:41+00:00","dateModified":"2023-10-24T12:43:41+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=5021"},"wordCount":582,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=5021#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=5021","url":"https:\/\/infundpros.com\/?p=5021","name":"Eurozone economy\u2019s outlook worsens, shows business survey | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-10-24T12:43:41+00:00","dateModified":"2023-10-24T12:43:41+00:00","description":"Stay informed with free updatesSimply sign up to the Eurozone economy myFT Digest -- delivered directly to your inbox.The outlook for the eurozone economy","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=5021#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=5021"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=5021#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Eurozone economy\u2019s outlook worsens, shows business survey"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/5021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5021"}],"version-history":[{"count":0,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/5021\/revisions"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}