Eurozone composite PMI revised upwards in May: Markit
The higher index figure was attributed to a modest acceleration in the service sector. According to Markit, the region’s final services PMI index rose to 53.3 from a flash estimate of 53.1. Meanwhile, retail sales in the region were unchanged for April after being revised down 0.6% in March. On a yearly basis, food sales rose 0.8% while non-food sales increased by 1.9%. Retail sales posted a gain of 1.4% on the year, which was the weakest for at least five months.
The Eurozone economy is expected to grow by just 0.3% in the second quarter, suggesting that accelerating growth at the start of the year is not likely to continue in the near term.
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