Global factory activity further shrank in July, private surveys show
The downturn highlighted the dilemma for policymakers who embarked on aggressive monetary policy tightening cycles in a battle to keep inflation at bay and yet also need to try and forestall potential recessions.
There was considerable weakness in Germany, Europe's largest economy, while France and Italy, the second- and third-largest euro zone economies, also recorded marked deteriorations since June. Meanwhile, France's factory sector contracted further in July, although the downturn was not quite as bad as first forecast.
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