The eurozone’s recovery gained momentum in July on the back of a stronger performance from the region’s dominant services sector, according to a closely-watched survey, FastFT reports.
A flash estimate of the purchasing managers’ index for the currency bloc, compiled by Markit Economics, hit a three-month high of 54 this month, far above the crucial 50 level, which marks an expansion in activity, and up from 52.8 in June.
The improvement came as a sub-index for the services sector hit its highest level for more than three years. The reading for services hit 54.4, up from 52.8 in June, bolstering hopes that domestic demand in the region is finally picking up, reports the FT’s Clare Jones.
The eurozone data follows significantly more robust than expected PMI figures out of Germany. And while France’s manufacturing sector showed further weakness, it’s services sector also performed well.
