Eurozone Business Activity Hits Eight-Month High

The eurozone's business activity experienced a resurgence in July, reaching an eight-month high according to the S&P Global PMI survey. This revival is particularly notable as it marks the first time since earlier this year that output and new business volumes have increased.

The service sector played a significant role in driving this growth, with renewed expansion following several months of decline. The manufacturing sector also expanded, joining forces with services to contribute to the overall improvement.

Additionally, there was a notable easing of inflationary pressures as rates of input cost and output charge inflation decreased. This is a positive sign for businesses in the eurozone, which have been grappling with rising costs.