Contraction Rate of Euro-Zone Composite Output is Slowing

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THE TAKEAWAY: Euro-zone composite PMI revised higher to 46.5, PMI services revised higher to 47.9 –> Markit forecasts another quarterly decline -> Euro correcting from yesterday’s decline

The Euro-zone composite Purchasing Managers’ Index for July was revised higher, confirming a second month of a slowing rate of contraction in industry activity. The PMI was revised 0.1 higher to 46.5, higher than June’s 46.4 PMI, according to Markit’s index. Euro-zone PMI for services was also revised 0.3 higher to 47.9 in a final estimate.

July’s composite PMI was the 10th of the past 11 months that signaled a contraction in composite output. A PMI below 50.0 indicates a contraction in the sector’s index. It was the sixth straight month that the PMI indicated a contraction in services activity.

for more :dailyfx.com

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