Economic Buzz: Eurozone Services PMI Falls To 53.0 In June

5 Jul 2022 , 02:57 PM

The S&P Global Eurozone PMI Services Business Activity Index fell from 56.1 in May to 53.0 in June, indicative of a sustained upturn in eurozone services activity but one that was the weakest since January. The slowdown in June primarily reflected a weaker uplift in new business to services firms. New work rose for the fourteenth month running, but the pace of growth was the slowest since January and only mild overall. Inflows of new work from abroad meanwhile declined for the first time in three months, albeit at just a marginal pace. The seasonally adjusted S&P Global Eurozone PMI Composite Output Index registered 52.0 in June. Although still indicative of a modest upturn in private sector output, the latest reading was down from 54.8 in May, signalling the slowest rate of expansion in the current 16-month sequence as demand stalled. The fall in the headline figure reflected both a weaker upturn in service sector activity – the slowest since January – and the first reduction in manufacturing output for two years.Powered by Commodity Insights