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Financial News: Eurozone Private Sector Growth At 11/2 Year Low

Eurozone Private Sector Growth At 11/2 Year Low

06/05/2018 - 04:17:00 (RTTNews)

(RTTNews) - Eurozone private sector expanded at the slowest pace in one-and-a-half years, as initially estimated, in May, final data from IHS Markit showed Tuesday.

The composite output index dropped to 54.1 from 55.1 in April, but in line with the flash reading of 54.1. This was the lowest score since November 2016.

The headline index has nevertheless signaled expansion in each of the past 59 months.

The services Purchasing Managers' Index declined to 53.8 from 54.7 in the prior month. The reading was slightly below the flash 53.9.

France and Germany saw their rates of increase ease to 16- and 20-month lows, respectively.

Germany's private sector growth retreated further from its peak. The composite output index fell to 53.4 from 54.6 in April. The latest reading was the lowest seen for 20 months but above the flash 53.1.

The services PMI declined to 52.1, the lowest since September 2016, from 53.0 in April. The score matched the flash estimate.

The rate of business activity growth has slowed in each of the past four months since reaching a near seven-year high in January.

France's private sector growth slowed in May reflecting the trend in services activity. The composite index came in at 54.2 versus 56.9 a month ago. The flash score was 54.5.

Similarly, the services PMI decreased to 54.3 from 57.4 in April. The survey confirmed the flash score.

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