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Financial News: Eurozone Private Sector Growth Slows As Estimated

Eurozone Private Sector Growth Slows As Estimated

08/03/2018 - 04:30:00 (RTTNews)

(RTTNews) - Euro area private sector growth eased in July, ceding most of the momentum gained in the prior survey month, data from IHS Markit showed Friday.

The composite output index fell to 54.3 in July, in line with flash estimate, from 54.9 in June.

The slowdown was mainly centered on the service sector, where growth eased from June's four-month high.

The services Purchasing Managers' Index dropped to 54.2 from 55.2 in June. The flash score was 54.4.

"If the headline index continues to track at its current level, quarterly GDP growth over the third quarter as a whole would be little-changed from the softer-than-expected expansion of 0.3 percent signaled by official Eurostat data for quarter two," Rob Dobson, Director at IHS Markit said.

National PMI data pointed to a broad-based expansion of economic output. The rate of increase in Germany improved to a four-month high, whereas growth slowed in France, Italy and Spain.

Germany's final composite PMI came in at 55.0, up from 54.8 in June but below the flash 55.2. At the same time, the services PMI declined to 54.1 from 54.5 a month ago. The flash reading was 54.4.

France's rate of composite output growth remained solid and above the long-run series average, but was the second weakest recorded for a year-and-a-half.

France's final composite PMI dropped to 54.4 from 55.0 in June. The score was slightly below the flash 54.5. The services PMI came in at 54.9, down from 55.9 in June and the flash 55.3.

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