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Euro Zone PMIs Surprise to the Downside in July |
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European Economy |
Written by CEP News |
Jul 24 08 09:21 GMT |
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(CEP News) Frankfurt - Following the release of the French and German purchasing managers indexes, Markit Economics released its advanced estimates for the euro zone. According to the estimates, the manufacturing PMI for the monetary union fall all the way to 47.5 in July. The consensus forecast had called for a more moderate decline to 48.8 following June's slide to 49.1.
The services PMI also surprised to the downside in July, decreasing to 48.3 against expectations of a 49.0 print for the month. The index had fallen to 49.1 in June. Taken together, the PMI composite came in at 47.8 for July, down from both the 49.0 figure expected and the 49.3 level recorded in the previous month. By Todd Wailoo,
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