PMI indices at different speeds in theEurozone. According to Markit's flash estimate, the composite figure for the currency area as a whole stood at 54 points in July, up from 52,8 in July. This is the largest result since April, but the expansion is primarily explained by the new price cuts by companies.
“The result is encouraging in the services sector, with Germany growing at the fastest pace in the last three years – explains Chris Williamson, chief economist at Markit -. French companies are also returning to modest growth”.
In detail, the PMI composite index of Germany it jumped to 55,9 points, from 54 in June. The figure, higher than economists' expectations, is the result of a manufacturing PMI rising from 52 to 52,9 (consensus at 51,8) and an index relating to services which rose from 54,6 to 56,6 (consensus at 54,3 ,XNUMX).
as to France, the data on manufacturing again disappointed expectations, slipping from 48,2 to 47,6 points (minimum for seven months, the consensus was at 48,1), while the services PMI recovered from 48,2 points in June to 50,4 (high for three months), returning above 50, which marks the boundary between expansion and contraction. Expectations were for a modest rise in the index, to 48,4.
