Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data, reflecting a stalling of demand growth. Manufacturing output contracted for the first time in two years and the expansion in service sector activity cooled considerably, easing most notably for consumer-facing services. Companies also scaled back their business expectations for output over the coming year to the lowest since October 2020. Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains ... (full story)