June final services PMI exceeds preliminary estimates, pushing composite PMI into expansion territory for the first time since May 2023.
Eurozone June final services PMI rose to 49.4, up from a preliminary 48.9 and prior 47.7, signaling a slower contraction in the sector. The composite PMI reached 50.0, compared to 49.5 prelim and 48.5 previously, marking the first expansion in over a year.
The upward revision reflects improved business activity and new orders, though employment trends remained weak. Analysts had expected a modest uptick but not a return to growth for the composite index. The data suggests a potential stabilization in the region’s economic outlook.
Markets are monitoring the figures for signs of resilience amid persistent inflation concerns and expectations of further ECB policy adjustments.