Eurozone Flash PMI Shows Inflation Pressures Cooling In June As Economic Upturn Fades

Summary

• 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.
• Backlogs of work fell at the steepest rate for seven months, reflecting the sustained (albeit moderating) output growth at a time of falling inflows of new work.
• June's flash PMI data come on the heels of the European Central Bank hiking interest rates again at its June meeting.

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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.