Eurozone Business Activity Slows In June: Markit Survey
Sumaira FH Published June 23, 2017 | 02:35 PM
BRUSSELS, , (UrduPoint / Pakistan Point News - 23rd Jun, 2017 ) - Eurozone private sector business activity slowed sharply in June but was still running at more than six-year highs, a closely watched survey showed 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.
Markit said that despite the headline fall in the composite PMI, the 19-nation eurozone economy posted its strongest three months to June in more than six years.
"Job creation remained one of the strongest recorded over the past decade as firms continued to expand capacity to meet rising demand," it noted. price pressures meanwhile eased. IHS Markit chief business economist Chris Williamson stressed that the economy overall continued in sound health.
"Although the PMI data point to some loss of growth momentum in June, the latest reading needs to be looked at in the context of recent elevated levels," Williamson said. "Despite the June dip, the average expansion in the second quarter has been the strongest for over six years," he said in a statement.
On that basis, IHS Markit expected the economy to grow 0.7 percent in the three months to June, up from 0.6 percent in the first quarter.
Related Topics
Recent Stories
Dubai Mum Becomes the First Ever Pakistani Woman to Climb 11 of the 14 Highest M ..
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
More Stories From Business
-
PIACL restructuring approved by SECP
8 hours ago -
Saudi trade delegation arrives in Pakistan for investment cooperation
9 hours ago -
Saudi trade delegation arrives Pakistan for mutual investment cooperation
11 hours ago -
FPCCI urges urgent action amidst Pakistan’s economic situation
11 hours ago -
Over 37% Tobacco tax increase suggested to save lives, boost revenue
12 hours ago -
Pak-Saudi investment conference to be held on Monday
13 hours ago
-
NPO launches program for development of gemstone sector
16 hours ago -
PFC to take part in Riyadh Intel. expo
17 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
22 hours ago -
Today Gold Rate in Pakistan 05 May 2024
22 hours ago -
CRD survey unveils 18% Pakistanis quit smoking
1 day ago -
NTUF granted patent for Innovative Multilayered Natural Fiber Composite Helmet
1 day ago