Eurozone PMI Manufacturing rose to 51.1 in July, up from 47.4, a 19-month high. PMI Services rose to 55.1, up from 48.3, a 25-month high. PMI Composite rose to 54.8, up from 48.5, a 25-month high.
Chris Williamson, Chief Business Economist at IHS Markit said: “Companies across the euro area reported an encouraging start to the third quarter, with output growing at the fastest rate for just over two years in July as lockdowns continued to ease and economies reopened…. However, while the survey’s output measures hint at an initial v-shaped recovery, other indicators such as backlogs of work and employment warn of downside risks to the outlook…. The concern is that the recovery could falter after this initial revival.”
