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Euro area’s service sector showed higher than expected growth in June
Euro area’s service sector showed higher growth in June, than was expected, Bloomberg informs with the reference to IHS Markit. Latest IHS Markit report also showed business optimism growth first time in four months as well as higher pace of economic activity, new orders and employment rise.
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Euro area’s service sector showed higher growth in June, than was expected, Bloomberg informs with the reference to IHS Markit.
Purchasing Managers’ Index (PMI) grew last month to 55,2. This is higher than estimated 55 and May’s 53,8 readings. Latest IHS Markit report also showed business optimism growth first time in four months as well as higher pace of economic activity, new orders and employment rise.
As a result euro area’s economic growth in the second quarter will be slightly above 0,5%. This is higher than 0,4% rise in the first quarter of 2018 and supports assumptions in regards to accelerated growth pace after weak beginning of this year.
Recent data also support European Central Bank’s confidence in regards to reducing monetary stimulus of economy.
Data on service sector of Germany and Italy was the highest in four months, while for France it was highest in two months. Only Spain showed economic growth slowdown.