Eurozone PMI Services was finalized at 53.0 in June, down from May’s 56.1, a 5-month low. PMI Composite was finalized at 52.0, down from May’s 54.8, a16-month low.
Looking at some member states, Spain PMI composite dropped to 3-month low at 53.6. Ireland dropped to 16-month low at 52.8. France dropped to 14-month low at 52.5. Germany dropped to 6-month low at 51.3. Italy dropped to 5-month low at 51.3.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “The sharp deterioration in the rate of growth of eurozone business activity raises the risk of the region slipping into economic decline in the third quarter. The June PMI reading is indicative of quarterly GDP growth moderating to just 0.2%…
“The manufacturing sector is already in decline, for the first time in two years, and the service sector has suffered a marked loss of growth momentum amid the cost of living crisis…. risks have increasingly tilted towards the economy slipping into a downturn at the same time that inflationary pressures moderate but remain elevated.”
