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Financial News: Eurozone Private Sector Expands At Faster Pace

Eurozone Private Sector Expands At Faster Pace

06/22/2018 - 04:51:00 (RTTNews)

(RTTNews) - The euro area private sector expanded at a faster pace in June, flash data from IHS Markit showed Friday.

The composite output index rose unexpectedly to 54.8 in June from 54.1 in May. The score was forecast to fall to 53.9.

While an improvement was reported from the 18-month low seen in May, the June reading represented the second-weakest expansion seen over the past 17 months.

The services PMI rose to 55.0 in June from 53.8 in May. Economists had expected the score to remain unchanged at 53.8.

Meanwhile, the factory PMI fell to 55.0 in June from 55.5 in the previous month. The expected reading was 55.0.

With growth kicking higher in June, the surveys are commensurate with GDP rising 0.5 percent in the second quarter, Chris Williamson, chief business economist at IHS Markit said.

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