Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Euro-Area Services Output Contracts More Than Estimated in June

Don't Miss Out —
Follow us on:

July 3 (Bloomberg) -- 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 phenry8@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net