indicator Eurozone integrated PMI has fallen to 52 points in June from 54.8 in May, reaching its lowest level in sixteen monthsspecifically since February 2021. The result, however, improves by one tenth the 51.9 points estimated by the market consensus.
The index Services PMI S&P Global for the euro zone has also fallen, standing at 53 vs. 56.1 previously, its lowest level in five months. The final figure improves the 52.8 points forecast.
According to the Markit Economics statement, the latest PMI data points to a further expansion of the eurozone economy in June, as has happened in every month since March 2021. However, the pace of growth slowed to the most weak of this sequence and was only modest overall.
June’s results were affected by the first fall in manufacturing production in two years and by the slower rate of increase in activity in services.
Besides, the New job inflows stalled in June, ending a 15-month string of growth, as eurozone companies struggle with weakening demand. In particular, factory backlog volumes fell at the steepest pace since the initial COVID-19 shutdown in May 2020. International demand conditions continued to weaken in June, with exports falling at their pace fastest in the last two years.
Source: Fx Street
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