Latest news with #economiccontraction
Wall Street Journal
08-08-2025
- Business
- Wall Street Journal
Irish Factory Output Slumped in June as Exports to U.S. Fell
Ireland's factory output fell sharply in June as exports to the U.S. halved, helping to push the economy into contraction after a first-quarter boom. The country's Central Statistics Office on Friday said manufacturing output was 12.0% lower than in May, having risen sharply in that earlier month. Over the three months through June, output was 2.1% lower than in the first quarter.
Bloomberg
06-08-2025
- Business
- Bloomberg
UK Builders Suffer Biggest Downturn Since Pandemic, PMI Shows
UK construction firms suffered the sharpest plunge in output in over five years after a fresh slump in housebuilding, according to a closely watched survey. S&P Global's construction purchasing managers' index dropped from 48.8 in June to 44.3 last month, the lowest since May 2020 when the sector was reeling from the first Covid lockdown. It was much worse than the steady reading expected by economists and well below the 50 threshold separating growth and contraction.
Reuters
05-08-2025
- Business
- Reuters
French services sector contracts in July as political uncertainty weighs
PARIS, Aug 5 (Reuters) - France's services sector contracted at a faster pace in July, with political uncertainty and weak demand weighing heavily on business sentiment, an S&P Global survey showed on Tuesday. The HCOB France Services PMI, which measures changes in business activity compared to the previous month, fell to 48.5 in July from 49.6 in June, marking the quickest rate of decline since April. A reading below 50 indicates contraction. The survey highlighted a notable reduction in new work intakes, driven largely by domestic market weakness. Year-ahead expectations deteriorated sharply, with business confidence sliding to a six-month low. Employment levels continued to decline, extending the trend into the third quarter, with temporary contracts less frequently renewed and voluntary departures often not replaced. "The slowdown in business activity is increasingly reflected in capacity utilization," said Hamburg Commercial Bank economist Jonas Feldhusen. "Backlogs of work declined, and forward-looking expectations worsened significantly." Despite the contraction, input cost inflation remained contained, although services firms raised their own prices marginally due to competitive pressures. The composite PMI, which combines both manufacturing and services sectors, also showed a decline, falling to 48.6 from 49.2 in June. This signals a moderate but accelerated contraction in private sector business activity across France. Overall, the data suggests limited economic momentum in the near term, raising concerns about the sustainability of the current growth path.
Reuters
05-08-2025
- Business
- Reuters
Russian services sector contracts at fastest rate since June 2024, PMI shows
Aug 5 (Reuters) - Russia's services sector contracted at its fastest pace since June 2024 in July, a business survey showed on Tuesday, as new orders declined in a subdued sales environment. The S&P Global Purchasing Managers' Index (PMI) for Russia's services sector fell to 48.6 last month from 49.2 in June, moving further below the 50 mark that separates expansion and contraction. "Lower activity was widely linked to a reduction in new order intakes and weak client demand," S&P Global said. Despite the overall contraction, new export business, which had contracted for a year after Moscow invaded Ukraine in February 2022, expanded for the ninth consecutive month in July, albeit at a slower pace than in June. On the employment front, Russian services firms increased staffing levels at the start of the third quarter, driven by expectations of future growth in new sales. "Panellists stated that optimism stemmed from hopes of an improvement in demand and financial conditions, as well as refocused company strategies," S&P Global said. A sister survey last week showed that activity across Russia's manufacturing sector declined at its fastest pace since March 2022 in July, with business confidence slipping to an almost three-year low.
Wall Street Journal
31-07-2025
- Business
- Wall Street Journal
China Manufacturing Activity Contracts for Fourth Straight Month
China's official gauge of factory activity unexpectedly fell deeper into contraction territory in July, as both production and market demand weakened. The official manufacturing purchasing managers index fell to 49.3 in July, compared with 49.7 in June, said the National Bureau of Statistics on Thursday.
