Euro-Area Services Output Contracts More Than Estimated in June

Euro-area services contracted at a faster pace than initially estimated in June, as the 17-nation currency bloc struggled to emerge from a record-long recession.

An index of activity in the services industry based on a survey of purchasing managers rose to 48.3 from 47.2 in May, London-based Markit Economics said in a report today. That’s below an initial estimate of 48.6 on June 20. A reading below 50 indicates contraction.

Manufacturing output contracted less than initially estimated in June, with Markit’s gauge up to 48.8 from 48.3 in May, above an initial estimate of 48.7. A composite index of activity in both industries rose to 48.7 from 47.7 in May.

The euro-zone economy’s 18-month recession probably ended in the second quarter, as the economy stagnated before returning to growth in the following three months, according to a Bloomberg News survey of economists.

To contact the reporter on this story: Patrick Henry in Brussels at

To contact the editor responsible for this story: Craig Stirling at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.