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Eurozone composite PMI falls to 17-month low in June

by ChemOrbis Editorial Team -
  • 23/06/2016 (16:10)
According to a preliminary purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone fell to a 17-month low of 52.8 in June from a reading of 53.1 in May, falling at a faster pace than economists’ estimates which called for a decline to 53 in a survey by Reuters. Any reading below 50 indicates a contraction while any reading above 50 represents an expansion.

Markit reported that although the bloc’s manufacturing activities unexpectedly improved in June, it was not enough to offset the effects of weaker growth in the services industry. The manufacturing PMI rose to a six-month high of 52.6 from 51.5 while a sub-index measuring output was also increased to a reading of 53.8 from May’s 52.4.

Political uncertainties including Britain’s possible exit from the EU and union strikes in France are also weighing down on the region’s economic activities.

Across the region, Germany’s services PMI declined to a reading of 53.2 in June from a reading of 55.2 in May while the country’s manufacturing PMI climbed to a reading of 54.4 from May’s 52.1. France’s services PMI, meanwhile, fell to a 16-month low of 47.9 in June from a reading of 48.4 in May. France’s June services sector PMI also slid to a three-month low of 49.9 in June from 51.6 in the previous month.
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