SPEU - July PMIs Point To A Very Sluggish Eurozone Recovery
2024-07-24 09:30:00 ET
Summary
- The July PMIs show that the eurozone economy is losing further momentum, as both the manufacturing and services sectors see activity slowing.
- For the eurozone, the July PMI composite index came in at 50.1, from 50.8 in June.
- Available soft and hard data for the second quarter suggest that growth has slowed down – an observation that seems to be shared by the European Central Bank.
The return of optimism in the eurozone since the start of the year continues to lose steam. While improving business sentiment in the first months of the year as well as better-than-expected GDP growth in the first quarter had supported hopes of a surprise recovery of the eurozone economy, the latest developments have proved to be something of a cold shower for those expectations. Not the relieving kind on a hot summer's day, but rather an ice cold shower in the winter when the central heating is broken....
July PMIs Point To A Very Sluggish Eurozone Recovery