Euro zone downturn slows significantly in June, spurring hopes of an economic recovery
Tuesday, 23 June 2020 15:46 WIB |
ECONOMY |Ekonomi Eropa
The downturn in the euro zone continued to recover in June, according to data Tuesday, giving the latest indication of the region™s economic health as it emerges from the coronavirus pandemic.
Flash purchasing manager™s index (PMI) data ” measuring activity in both the services and manufacturing sector in the euro zone ” came in at 47.5 in June, up from a final reading of 31.9 in May. The 50-point mark separates contraction from expansion. Economists polled by Reuters had expected the flash June PMI to come in at 42.4.
The 15.6-point rise was by far the largest in the survey history with the exception of May™s record increase, IHS Markit said in its data release.
Business activity in the single currency area had hit a three-month high in May, with the final composite PMI (which includes both manufacturing and services) coming in at 31.9, up from 13.6 in April.
The data Tuesday builds on other indications of the region™s economic wellbeing, or not. On Monday, flash consumer confidence data for the euro zone and wider European Union showed further improvement in June. Nonetheless, recent unemployment data painted a worrying picture, especially for young people.