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Financial News: Eurozone Private Sector Regains Momentum In June

Eurozone Private Sector Regains Momentum In June

07/04/2018 - 04:40:00 (RTTNews)

(RTTNews) - The euro area economy regained some traction at the end of the second quarter, final data from IHS Markit showed Wednesday.

The composite output index rose to 54.9 in June from 54.1 in May. The score was slightly above the flash estimate of 54.8.

The services Purchasing Managers' Index climbed to 55.2 in June from a 16-month low of 53.8 a month ago. The flash score was 55.0.

"The upturn in the pace of economic growth and resurgent price pressures adds support to the ECB's view that stimulus should be tapered later this year, but the details of the survey also justify the central bank's cautious approach to policy," Chris Williamson, chief business economist at IHS Markit said.

National PMI data showed that rates of increase also picked up in Germany, France and Italy. Spain was the only nation to see its rate of expansion decelerate, to a 17-month low.

Germany's private sector growth improved in June as services activity recovered from May's 20-month low. The composite output index rose to 54.8 in June from 53.4 in May. The flash reading was 54.2.

The services PMI came in at a 4-month high of 54.5 versus 52.1 a month ago. The index remained above the preliminary 53.9.

France's composite PMI improved to 55.0 from 54.2 in May as a slower rise in manufacturing production was more than offset by the sharper expansion in services activity. But the score was below the flash 55.6.

Similarly, the services PMI rose to 55.9 from May's 16-month low of 54.3 but below the preliminary 56.4.

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