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Financial News: Eurozone Private Sector Expands Most Since 2006

Eurozone Private Sector Expands Most Since 2006

06/23/2021 - 04:21:00 (RTTNews)

(RTTNews) - The euro area private sector grew at the fastest rate in 15 years in June as the economy re-opened further from virus-fighting restrictions and vaccine progress boosted confidence, flash survey data from IHS Markit showed on Wednesday.

At 59.2, the flash composite output index hit a 180-month high, up from 57.1 in May. The reading was also above economists' forecast of 58.8.

The services Purchasing Managers' Index advanced to 58.0 in June from 55.2 in the previous month.

The manufacturing PMI held steady at 63.1 in June, while it was forecast to fall to 62.1.

"The data set the scene for an impressive expansion of GDP in the second quarter to be followed by even stronger growth in the third quarter," Chris Williamson, chief business economist at IHS Markit said.

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