Eurozone PMI Manufacturing rose to 48.9 in June, up from 39.4, above expectation of 43.8. PMI Services rose to 47.3, up from 30.5, above expectation of 40.5. PMI Composite rose to 47.5, up from 31.9, hitting at 4-month high but stayed in contraction.
Chris Williamson, Chief Business Economist at IHS Markit said: “The flash eurozone PMI indicated another substantial easing of the region’s downturn in June… While second quarter GDP is still likely to have dropped at an unprecedented rate, the rise in the PMI adds to expectations that the lifting of lockdown restrictions will help bring the downturn to an end as we head into the summer… However, with the timing of a return to normal still something that can only be speculated upon, and virus-related restrictions likely to continue to hit many businesses for the rest of the year, we remain very cautious of the strength and sustainability of any economic rebound.”
