Business activity in the eurozone is hovering near a 15-year high, despite slightly cooling this month due to supply pressures, a closely watched survey by IHS Markit showed yesterday.
The purchasing managers’ index (PMI) composite reading measuring corporate confidence slipped to 59.5 this month, just under the robust 60.2 figure given last month. A figure above 50 indicates growth.
The dip was explained in part by some business concern over the effects of the Delta variant of SARS-CoV-2, but especially by demand outstripping supply as activity bounced back vigorously in the 19-nation eurozone.
“Supply chain delays continue to wreak havoc,” IHS Markit chief business economist Chris Williamson said.
Surging demand and supply problems were pushing costs higher, he said, leading to “another near-record increase in average selling prices for goods and services.”
While that could fuel worries about inflation, Williamson said “inflationary pressures may have peaked for now.”
The survey showed service sector growth overtaking that of manufacturing for the first time during the COVID-19 recovery. Jobs growth was at a 21-year peak.
“The sustained upturn in demand and improved prospects due to rising vaccination rates led to buoyant optimism about the year ahead,” IHS Markit said.
Among the eurozone countries, Germany led the survey, although the supply constraints on its vital manufacturing sector were more marked.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
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