Eurozone Business Activity Contracted Again in August, Outlook Bleak

Eurozone Business Activity Contracted Again in August, Outlook Bleak
A worker transports packaged pasta at De Cecco's factory in Fara San Martino, Italy, on Nov. 29, 2021. Remo Casilli/Reuters
Reuters
Updated:

LONDON—Business activity across the eurozone contracted for a second straight month in August as the cost of living crisis forced consumers to curtail spending while supply constraints continued to hurt manufacturers, a survey showed on Tuesday.

The global economy is increasingly at risk from sliding into recession as Ukraine’s war and China’s strict COVID-19 lockdowns have further damaged supply lines not yet recovered from the pandemic.