SPEU - Weak Eurozone PMI Readings Signal Second Quarter Manufacturing Downturn

• Euro area manufacturers continue to struggle against the headwinds of supply shortages, elevated inflationary pressures, and weakening demand amid rising uncertainty about the economic outlook.
• Spending power has hence been hit hard, and often consumers, in particular, have shown an eagerness to move spending from goods to services, taking advantage of looser pandemic travel restrictions.
• Weaker supply chain pressures took some pricing power away from suppliers.

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