Eurozone business activity gained momentum in July, with the composite PMI rising to 52, its highest level in eight months, while the services PMI climbed to a five-month high of 51.7.
S&P Global released the Eurozone Purchasing Managers’ Index (PMI) data for July. According to the figures, the Eurozone composite PMI rose from 50 in June to 52 in July. The index thereby reached its highest level in the past eight months. The Eurozone services sector PMI also increased from 49.4 in June to 51.7 in July, marking its highest level in the past five months. Market expectations were for the composite PMI to reach 51.9 and the services sector PMI to stand at 51.6 in July. Both figures came in above expectations. The data showed that production and new orders increased in the Eurozone in July as inflation slowed. In PMI data, readings of 50 and above indicate expansion in the sector, while readings below 50 signal contraction.
