Covid recovery in eurozone stalls, dimming hopes of V-shaped climb back

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August PMIs for services and manufacturing show retreat from July’s record pace

The eurozone’s recovery from its deepest economic downturn on record hit the brakes in August, as pent-up demand unleashed by the easing of coronavirus lockdowns dwindled, according to a closely watched survey.

After many of the initial Covid-19 restrictions were relaxed, activity in the eurozone expanded in July at the fastest pace since mid-2018. But as infection rates have risen again in parts of the region, some earlier curbs have been reinstated.

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