The delta variant of the coronavirus and manufacturing bottlenecks dented the euro area’s reopening boom in August, though the bloc remains on track to reach its pre-pandemic level of output by the end of the year.
While business activity across the region still points to a rapid expansion in the third quarter, momentum slowed slightly from July’s 15-year peak, according to a survey of purchasing managers by IHS Markit. Employment continued to rise, even if at a marginally weaker rate, and cost pressures remained high.
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