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Investing.com -- Business activity in the Euro zone has unexpectedly fallen back into contraction this month, according to a recent survey on Thursday.
The services industry has suffered a deeper downturn in demand. On the other hand, the manufacturing sector showcased further signs of stabilization.
The preliminary composite Euro zone Purchasing Managers’ Index (PMI), compiled by S&P Global and considered a reliable guide to growth, declined to 49.5 this month, down from April’s 50.4.
In addition, the services PMI fell to 48.9 from 50.1. This is its lowest reading since January 2024, and it falls significantly short of the predicted rise to 50.3.
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