Brussels: Euro zone private sector business activity slowed sharply in June but was still running at more than six-year highs, a closely watched survey showed on Friday.
Analysts said that while the downturn in the headline readings was disappointing, the economy continued to put in a strong performance.
Data monitoring company IHS Markit said its June Composite Purchasing Managers Index came in at 55.7 points, the lowest reading in five months and down from 56.8 in May. The PMI measures companies’ willingness to invest in their business and so gives a good idea of how well the underlying economy is performing.
Any reading above the boom-bust 50 points line indicates the economy is expanding. By sector, the all important services index dropped to 54.7 points in June from 56.3 in May, while manufacturing edged higher, to 58.5 points from 58.3. — AFP
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