Euro zone business activity soared in July with the bloc's dominant services sector leading the way. Though manufacturing also expanded at a blistering pace, rising prices driven by supply chain disruptions and labor shortages was a worry
But supply chain disruptions and labour shortages meant input prices surged at the fastest rate in over two decades and fears of further curbs to contain the more infectious Delta variant of COVID-19 dented optimism.
With more of the services industry reopening, the sector's PMI index rose to its highest final reading since June 2006. Services activity in Germany, Europe's largest economy, expanded at a record pace. In France, the bloc's second biggest economy, growth remained elevated but dipped slightly more than originally thought.A steel worker of Germany's industrial conglomerate ThyssenKrupp AG stands a mid of emitting sparks of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany. Picture taken January, 28, 2019.
Inflationary pressures were also felt by services firms and the composite input price index nudged up to its highest in nearly 21 years.
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