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6/23, 10:00 AM (Source: TeleTrader)
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Eurozone private sector activity at 15-year high in June

The Flash Eurozone PMI Composite Output Index, which takes both, the services and the manufacturing business activity into account, stood at 59.2 in June, representing an increase of 2.1 index points compared to the previous month, according to a preliminary report published by IHS Markit on Wednesday. The reading surpassed market expectations and reached levels unseen since June 2006.

In June, the Flash Eurozone Manufacturing PMI came in at 63.1, unchanged from May, while the Flash Eurozone Services PMI Activity Index reached 58.0, hitting a 41-month high after rising by 2.8 index points from the previous month.

"The data set the scene for an impressive expansion of GDP in the second quarter to be followed by even stronger growth in the third quarter. However, the strength of the upturn... means firms are struggling to meet demand, suffering shortages of both raw materials and staff... inevitably putting further upward pressure on inflation in the coming months," IHS Markit Chief Business Economist Chris Williamson commented in the report.

Breaking the News / MS