FRANKFURT—Eurozone countries are spending more than they will get back to cushion the economic hit from the Ukraine war via fuel subsidies and other support measures, the European Central Bank said on Tuesday, telling governments to use their cash more efficiently. The 19 countries that share the euro approved support measures worth 0.9 percent of…
Euro Area to Get Back Half What It’s Spending on War Fallout: ECB
August 2, 2022
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Eurozone Factory Activity Contracted in July as Recession Fears Grow
LONDON—Manufacturing activity across the eurozone contracted last month with factories forced to stockpile unsold goods due to weak demand, a survey showed on Monday, adding to concerns the bloc could fall into a recession. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) fell to 49.8 in July from June’s 52.1, just ahead of a preliminary…
Eurozone Growth, Inflation Accelerate, but Recession Looms Later in Year
BRUSSELS/FRANKFURT—The eurozone economy grew much faster than expected in the second quarter, but economists said it might be the economy’s last hurrah before ever-higher inflation and supply chain problems cause a mild recession in the second half of the year. The stronger growth came despite stagnation in the bloc’s biggest economy Germany, where high inflation…
Eurozone Factory Production Falls in June for First Time in 2 Years: PMI
LONDON—Eurozone manufacturing production fell last month for the first time since the initial wave of the coronavirus pandemic two years ago as higher prices and a darkening economic outlook kept consumers wary of making purchases, a survey showed. S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) fell to 52.1 in June from May’s 54.6, its…
Eurozone Unemployment Falls to New Record Low of 6.6 Percent in May
BRUSSELS—Eurozone unemployment fell to a new record low in May as the economy continued to rebound from the COVID-19 pandemic, even if inflation exacerbated by Ukraine’s crisis is expected to dampen growth. The European Union’s statistics office Eurostat said on Thursday that unemployment in the 19 countries sharing the euro fell to 6.6 percent of…
Eurozone Economic Sentiment Slips Despite Industry Pick-Up
BRUSSELS—Eurozone economic sentiment fell by slightly less than expected in June as consumers and retail trade became more downbeat but spirits among industrial and services sectors improved. The European Commission’s monthly survey showed economic sentiment in the 19 countries sharing the euro slipped to 104.0 in June from 105.0 in May. Economists polled by Reuters…
ECB Will Keep Countries on Straight and Narrow Even If It Buys Their Debt: Lagarde
SINTRA, Portugal—The European Central Bank’s upcoming bond-buying program will curb rising borrowing costs for vulnerable eurozone countries while keeping up pressure on their governments to repair their budgets, ECB President Christine Lagarde said on Tuesday. With the ECB nearing its first interest rate hike in over a decade, bond yields for Italy and other indebted…
Eurozone Business Growth Slumped in June as Price Hikes Bite
LONDON—Eurozone business growth has slowed significantly this month—and by much more than expected—as consumers concerned about soaring bills opted to stay at home and defer purchases to save money, a survey showed on Thursday. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, slumped to 51.9 in…
Ukrainian Refugee Influx Could Ease Eurozone Labor Shortage: ECB
June 20, 2022
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FRANKFURT—The influx of Ukrainian refugees into the European Union could gradually ease labor shortages in the eurozone as some of those fleeing the war are likely to settle permanently, the European Central Bank said on Monday. Around seven million people, mostly women and children, have fled Ukraine so far since Russia launched its invasion on…
Inflation Heats Up in Eurozone, Hitting Record High in May
June 17, 2022
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Inflation in the 19 countries that share the euro currency jumped to a record high in May, according to Eurostat, the E.U.’s statistical agency, with soaring energy prices driving the bulk of the uptick. Eurostat said in a June 17 statement (pdf) that inflation in the euro area jumped to an annualized 8.1 percent last…
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