Eurozone economic activity strengthened minimally in August
The eurozone private sector’s economic activity improved marginally in August, according to the composite purchasing managers’ index (BMI) released by Hamburg Commercial Bank AG (HCOB) and S&P Global Market Intelligence.
The eurozone composite BMI rose to a 12-month high of 51 in August, from 50.9 the previous month, but still only indicates modest growth. The 50-point threshold separates performance from contraction.
Data released on Wednesday showed that growth in the services sector slowed to a two-month low of 50.5, down from a four-month high of 51 in July. On Monday, it was reported that the eurozone manufacturing sector’s BMI rose for the first time in three years, moving above the 50-point mark, to 50.7 from 49.8 in July.
The composite index was highest in Spain in August at 53.7, which is still a two-month low. Italy’s was the second highest at 51.7, a three-month high. Ireland’s 51.3 was a 14-month low and Germany’s 50.5 was a two-month low. France’s composite BMI was its highest in 12 months at 49.8 in August, but still indicates a contraction in economic activity.
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