Eurozone Private Sector Expands For First Time In 4 Months

RTTNews | 48 days ago

(RTTNews) - Eurozone private sector expanded for the first time in four months in July on renewed growth in new orders, flash survey results from S&P Global showed Friday.

The flash composite output index hit a five-month high of 51.9 in July compared to 50.0 in June. The expected reading was 50.3.

The increase in private sector output reflected both a renewed rise in services business activity and a faster expansion in manufacturing production.

The services Purchasing Managers' Index advanced to 51.6 from 49.4 a month ago. The score was seen at 49.8. The manufacturing PMI came in at 52.0 compared to 51.4 in June and forecast of 51.5.

"July is seeing a welcome revival of economic activity in the eurozone, but a volatile geopolitical environment means it remains to be seen if the good news can last," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.

Germany's private sector returned to expansion territory for the first time in four months in July. The flash composite output index climbed more-than-expected to 51.2 from 49.5 in the prior month. The reading was forecast to rise to 49.8.

Germany's growth was centred on the manufacturing sector, where output increased to the greatest extent for almost four-and-a-half years. Meanwhile, activity in the service sector came close to stabilization.

The services PMI registered 49.6 in July compared to 48.6 in the prior month. The score was above the expected level of 49.0.

At the same time, the manufacturing PMI advanced to 52.2 from 50.3 in the previous month. The reading was seen at 50.4.

Elsewhere, France's private sector contracted only marginally in July as the services economy logged a notable turnaround. The flash composite output index rose to 49.6 in July from 47.2 in the previous month.

The score suggested only a marginal decline in private sector activity when compared to the previous month. Moreover, the reading was the highest since the outbreak of the Middle East war at the end of February.

The services PMI posted 49.8, up from 46.8 in the previous month. The index was expected to fall to 47.5.

At the same time, the factory PMI hit 50.0 compared to 51.2 in June. However, the score was below forecast of 51.0.

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