Eurozone composite PMI falls to the lowest level in 17 months in July

According to S&P Global, the final purchasing managers’ index (PMI) for the eurozone services sector fell to 51.2 in July from 53.0 in June but was still above initial estimates of 50.6.

The final eurozone manufacturing PMI was released on Monday, August 1, falling to 49.8 in July from 52.1 in June.

The final composite PMI fell to a 17-month low of 49.9 in July from 52.0 in June, but was still above initial estimates of 49.4,

PMI index below 50 indicates that the service sector in the eurozone is contracting as consumers cut back on spending in the face of the cost of living crisis

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