Euro Area June composite and manufacturing PMI fall short of expectations

• The HCOB Eurozone Composite PMI fell to 50.8 in June from 52.2 in the previous month, significantly below market expectations of 52.5.

• The latest figures, however, point to a fourth consecutive expansion in private economic activity, according to preliminary estimates.
• The Eurozone Manufacturing PMI dropped to 45.6 in June, hitting a six-month low after falling from 47.3 in May, according to preliminary estimates. This marks the 15th consecutive month of declining manufacturing output, driven by decreases in new orders, export orders, and employment.

• Services PMI declined to 52.6 in June from 53.2 in May, also below forecasts of 53.5, preliminary estimates showed. The reading pointed to a fifth month of growth in the services sector, although the lowest for three months.

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