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Financial News: Eurozone Private Sector Grows At Slower Pace

Eurozone Private Sector Grows At Slower Pace

08/21/2020 - 04:23:00 (RTTNews)

(RTTNews) - The euro area private sector grew at a slower pace in August following a rebound from the downturn caused by the coronavirus pandemic, flash survey data from IHS Markit showed Friday.

The composite output index fell unexpectedly to 51.6 in August, while the score was expected to remain unchanged at 54.9. Nonetheless, a score above 50 indicates expansion.

The recovery was undermined by signs of rising virus cases in various parts of the euro area, with renewed restrictions impacting the service sector in particular.

The softer overall expansion owed exclusively to weakness in the service sector as growth of manufacturing production quickened.

The services Purchasing Managers' Index dropped more-than-expected to 50.1 in August from 54.7 in July. The expected level was 54.5.

The manufacturing PMI came in at 51.7 versus 51.8 a month ago. The reading was forecast to rise to 52.9.

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