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Eurozone Business Expanded at its Fastest Pace in 15 yrs as COVID Fears Emerges

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One Euro Coin on Euro Banknote showing Map of Europe

Eurozone business activity improved last month, expanding at its fastest pace in 15 years as accelerated vaccinations led to the rebound of the service industry.

Source: IHS Markit

 

EUR USD up +0.18%

IHS Markit’s final composite PMI, seen as a good indicator of economic health, rose to 60.2 in July from June’s 59.5, its highest level since June 2006.

Chief business economist at IHS Markit stated the eurozone service sector is rebounding, backed by easing of restrictions and positive vaccination progress helped to boost demand in various activities.

With the reopening of the services industry, the sector’s PMI increased to 59.8 from 58.3 in June, below the preliminary estimate of 60.4.

Inflationary pressures were also felt by services firms, and the composite input price index edged upwards to 69.9 from 69.8, its highest in close to 21 years.

Williamson stated concerns about the Delta variant have become more widespread, subduing activity in certain instances and increasing concerns about the possibility of tightening of virus restrictions again.

 

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