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7/3, 10:01 AM (Source: TeleTrader)
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Euro area services PMI rises 17 pts in June to 48.3

The eurozone's service sector continued to rebound from the coronavirus pandemic in June, according to the latest data released by IHS Markit on Friday. The IHS Markit Eurozone Services Business Activity Index rose to 48.3 from the 30.5 recorded in May, hitting its highest level since February before the pandemic took off.

Meanwhile, the IHS Markit Eurozone PMI Composite Output Index also rebounded for a second consecutive month. At 48.5, the index is up nearly 17 points since May’s reading.

"The upturn signals a remarkably swift turnaround in the eurozone economy’s plight amid the COVID-19 pandemic," Chief Business Economist at IHS Markit Chris Williamson said. However, he stressed that "while confidence in the future has improved, it remains well below levels seen at the start of the year, reflecting how many businesses are far from back to normal."

Breaking the News / JC