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.