{"id":115613,"date":"2023-07-25T07:45:39","date_gmt":"2023-07-25T04:45:39","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/eurozone-economic-downturn-steepens-in-july\/"},"modified":"2023-07-25T07:45:39","modified_gmt":"2023-07-25T04:45:39","slug":"eurozone-economic-downturn-steepens-in-july","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/eurozone-economic-downturn-steepens-in-july\/","title":{"rendered":"Eurozone economic downturn steepens in July"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/115613\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nEurozone economic activity shrank at its fastest rate in eight months in July, as a contraction gathered pace on the back of cuts in manufacturing, a key survey said Monday. Data from the HCOB Flash Eurozone purchasing managers\u2019 index (PMI) survey published by S&amp;amp;P Global fell to 48.9 in July from 49.9 in June. A figure above 50 indicates growth.<\/p>\n<p>\u201cManufacturing continues to be the Achilles heel of the eurozone. Producers have cut their output again at an accelerated pace in July,\u201d said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. \u201cThe eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam.\u201d The eurozone\u2019s struggles were fuelled by steep downturns signalled by surveys from economic powerhouses France and Germany.<\/p>\n<p>Germany fell into contraction as output dropped for the first time since January on the back of a sharp decrease in factory output, the latest figured showed. The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its quest to tame inflation.<\/p>\n<p>Eurozone inflation eased to 5.5 percent in June as energy costs slid, but those of food and drinks remained elevated as underlying price pressures persist. Since consumer prices remain above the European Central Bank\u2019s two-percent target, another interest rate hike appears a near certainty when ECB policymakers meet Thursday. But the central bank faces increasing discontent among countries scared high interest rates will hurt growth.<\/p>\n<p>The eurozone entered a technical recession at the start of the year, and growth is forecast to be weak this year at around one percent. \u201cThe latest PMI reading is not going to please ECB officials as prices in the private sector are still creeping up, led solely by the substantial services sector,\u201d de la Rubia said. \u201cThus, ECB president Christine Lagarde will certainly stick to her guns and hike interest rates by 25 bp (basis points) at the next monetary meeting.\u201d<\/p>\n<p>The Frankfurt-based institution has lifted borrowing costs at the fastest rate ever to combat red-hot inflation after Russia\u2019s war in Ukraine sent food and energy prices soaring. Key rates have risen by four percentage points since July last year, with the ECB\u2019s deposit rate now sitting at 3.50 percent \u2014 its highest level since 2001.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.digitaljournal.com\/business\/eurozone-economic-downturn-steepens-in-july\/article\">DJ<\/a> <\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/eurozone-economic-downturn-steepens-in-july\/\">Eurozone economic downturn steepens in July<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,7608,494,2020,4838],"class_list":["post-115613","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-downturn","tag-economic","tag-eurozone","tag-july"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=115613"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115613\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=115613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=115613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=115613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}