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Eurozone aggregate better than Germany at the moment

EUROZONE DATA

Services held up well, but manufacturing growth stalling. Inflation still very strong. The Eurozone aggregate picture looks more positive than that for Germany at the moment.

  • On inflation: "Prices charged for goods and services meanwhile rose at an unprecedented rate in April amid another near-record rise in firms' costs, hinting that inflation has further to rise."
  • "Business expectations for the year ahead lifted from March's 17-month low, albeit with confidence remaining subdued by recent standards as concerns over the Ukraine war, rising prices and the lingering effects of the pandemic continued to dampen optimism, especially in manufacturing."
  • "Manufacturing output growth came close to stalling in April, registering the smallest monthly expansion since the initial pandemic downturn during the second quarter of 2020. The autos sector was particularly hard hit, recording a steepening and marked loss of output, though all other major manufacturing sectors barring tech equipment reported either slower growth, stagnation or outright falls in output."
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