Euro zone business growth slumped in June as price hikes bite

Growth in demand for services all but dried up and firms faced input costs rising at a near record rate, forcing them to pass some of that burden on to customers

S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, slumped to 51.9 in June, its lowest level since February 2021

Euro zone 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 June from 54.8 in May, far below the 54.0 predicted in a Reuters poll and its lowest level since February 2021.