Preliminary July services PMI 51.9 vs 52.8 in June (Il Sole 24 Ore Radiocor) - London, 24 Jul - In July, the eurozone's purchasing managers' index (PMI) for the manufacturing sector fell to a seven-month low of 45.6 from 45.8 in June, according to preliminary data released by S&P Global and Hamburg Commercial Bank.

The manufacturing output index fell to 45.3 from 46.1 over the period, also reaching a seven-month low.

The services sector PMI dropped to 51.9, a four-month low, from 52.8.

The composite output index, a weighted average of services PMI and manufacturing output, decreased to 50.1 in July from 50.9 the previous month, falling to a five-month low.

A reading above 50 signals expanding sector activity and a reading below 50 a contraction.

"Is this the summer lull? It feels a bit like it as the eurozone economy barely moved in July, according to the HCOB Flash Eurozone PMI. But beside the fact that we are talking about seasonally adjusted figures, looking at the two monitored sectors the situation deteriorated significantly in the manufacturing sector and counteracted moderate growth in the services sector. According to our GDP Nowcast, growth in the third quarter is still on the cards, however," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

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(RADIOCOR) 24-07-24 10:18:53 (0302) 5 NNNN