The growth of business activity in the euro area slowed in July

The composite business activity index of 19 eurozone countries in July fell to 54.3 points from 54.9 points a month earlier, according to preliminary data of IHS Markit. The July value only slightly exceeded the 18-month minimum reached in May, and became the second minimum since November 2016. The production PMI of the eurozone increased from 54.9 points to 55.1 points. At the same time PMI of the service sector decreased from 55.2 points to 54.4 points. In July, in both sectors, the minimum growth in new orders was registered since October 2016, which indicates that growth in activity may slow again in August. Chief economist at IHS Markit Chris Williamson believes that the “June rebound” growth in activity was temporary.

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