STORY: The euro zone’s dominant services industry grew in June.
That’s according to a closely watched survey released Thursday (July 3).
Its a positive update after a brief contraction in May.
But the pace of growth was marginal as demand stayed weak despite improving business confidence.
The Eurozone Services Purchasing Managers’ Index – or PMI – rose to 50.5 in June from 49.7 the month before.
PMI readings above 50 indicate growth in activity, while those below point to a contraction.
The composite PMI, which includes manufacturing and services, edged up to 50.6 in June.
It marked a three-month high but still showed only modest growth.
While overall new business declined for a 13th consecutive month, the rate of contraction eased to just fractional levels.
Services companies also continued hiring for the fourth straight month.
Ireland led the growth rankings for the fourth consecutive month among the euro zone’s top economies.
Spain overtook Italy for second place, and Germany returned to expansion.
France was the only major economy in contraction as it fell for the tenth straight month.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
