Euro zone business growth slowed in Sept as supply issues, pricing bite -PMI

 Euro zone business growth slowed in Sept as supply issues, pricing bite -PMI

FILE PHOTO: A steel worker of Germany’s industrial conglomerate ThyssenKrupp AG stands a mid of emitting sparks of raw iron from a blast furnace at Germany’s largest steel factory in Duisburg, Germany. REUTERS/Wolfgang Rattay

LONDON (Reuters) – Business growth in the euro zone remained strong last month but was hit by ongoing supply issues constraining activity while elevated inflationary pressures dented demand, issues which are likely to continue, a survey showed on Tuesday.

IHS Markit’s final composite Purchasing Managers’ Index (PMI), seen as a good guide to economic health, sank to 56.2 last month from August’s 59.0, although still well above the 50 mark separating growth from contraction and just above a 56.1 “flash” estimate.

Demand fell to a five-month low as firms passed on part of rising input costs, which rose at a record pace, to consumers. The composite output prices index rose to 59.1 from 58.3, not far from…

Read full article…www.reuters.com