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8/5/2020, 10:02 AM (Source: TeleTrader)
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Eurozone services PMI rises to 54.7 in July

The Eurozone Services Business Activity Index rose to 54.7 in July from the 48.3 recorded in June, the IHS Markit reported on Wednesday.

Meanwhile, the IHS Markit Eurozone PMI Composite Output Index went up to 54.9, increasing by 6.4 from the 48.5 reported the last month, as the economy continues to rebound from the negative effects of the coronavirus pandemic.

"Whether the recovery can be sustained will be determined first and foremost by virus case numbers, and the recent signs of a resurgence pose a particular risk to many parts of the service sector, such as travel, tourism and, hospitality. However, even without a significant increase in infections, social distancing measures will need to be in place until an effective treatment or vaccine is available, dampening the ability of many firms to operate at anything like pre-pandemic capacity," chief business economist at IHS Markit Chris Williamson said.

Breaking the News / JR