FPXE - Inflation Slows Further As Economic Growth Wanes: Our Key Takeaways From The Eurozone Flash PMI

2024-06-24 02:00:00 ET

Summary

• The deteriorating eurozone growth trend was led by France, which saw output fall for a second consecutive month and at the fastest rate for five months.
• Fueling the manufacturing downturn was a steepening in the rate of loss of new orders.
• Employment increased across the eurozone for a sixth month in a row in June, after two months of marginal declines at the end of last year.

The 'flash' PMI survey data for June provide an early snapshot of economic conditions in the euro area after the European Central Bank cut interest rates for the first time in five years. The survey showed a surprise cooling in the pace of economic growth, defying consensus expectations of a further acceleration in growth. Manufacturing in particular took a turn for the worse, deteriorating at a steepening rate. At the same time, however, price pressures cooled further, down to levels which historical comparisons suggest are compatible with the ECB's inflation target. ...

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