Eurozone Private Sector Expands More Than Estimated

(RTTNews) - The euro area private sector expanded more than estimated in July, final survey data from Markit showed Wednesday.

The final composite output index rose to a 6-month high of 53.2 in July from 53.1 in June. According to flash estimate, the index fell to 52.9.

The headline index has now signaled growth for 37 successive months.

"The survey is still indicating only a modest 0.3 percent quarterly rate of economic growth at the start of the third quarter," Chris Williamson, chief economist at Markit, said.

The services Purchasing Managers' Index rose to 52.9 in July from a 17-month low of 52.8 a month ago and above the flash estimate of 52.7.

Overall growth was primarily driven by an accelerated rate of output expansion in Germany. Rates of growth moderated in Italy and Spain, whereas France continued to hover around the stagnation mark.

Germany's final composite PMI came in at 55.3, in line with flash estimate, but up from 54.4 in June. The services PMI improved to 54.4 from 53.7 a month ago. The flash score was 54.6.

The French private sector activity turned positive in July. The composite PMI climbed to 50.1 from 49.6 in the prior month. It was also above the flash score of 50.

Likewise, the services activity index improved in July, to 50.5 from 49.9 a month ago. The flash reading was 50.3.