Eurozone services activity falls in June - Breaking The News

Eurozone services activity falls in June

5 July

1 min read

EPA-EFE/CHRISTOPHE PETIT TESSON

The activity in the Eurozone's services sector declined in June, S&P Global and the Hamburg Commercial Bank (HCOB) said in a report on Wednesday. The HCOB Eurozone Services PMI Business Activity Index stood at 52, falling from 55.1 registered in May and coming in below the flash estimate of 52.4.

"In the services sector, which after a weak final quarter of 2022 had picked up speed at the beginning of the year, all major euro countries have again lost considerable momentum. The slowdown in business activity growth was accompanied by a weaker rise in new business, lower price increases and a decline in business expectations," HCOB Chief Economist Cyrus de la Rubia stated.

The HCOB Eurozone Composite PMI Output Index slid from 52.8 in May to 49.9 in June. The biggest contraction was observed in France, where the Composite PMI stood at a 28-month low of 47.2, followed by Italy's index at 49.7.

data pmi

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