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Service sector helps Eurozone growth kick higher in June

Friday, Jun 22 2018
Service sector helps Eurozone growth kick higher in June

An improved service sector performance helped offset an increasing drag from the manufacturing sector in June, lifting Eurozone growth off the 18-month low seen in May. With growth kicking higher in June, the surveys are commensurate with GDP rising 0.5% in the second quarter. Price pressures are also on the rise again, running close to seven-year highs. Increased oil and raw material prices are driving up costs, but wages are also lifting higher, in part reflecting tighter labour markets in some parts of the region. Service sector jobs are being created at the fastest rate seen over the past decade, underscoring the extent to which the job market is tightening.

However, the details of the survey warn against any complacency. The June uptick could be at least in part explained by business returning to normal after an unusually high number of public holidays in May, suggesting that the underlying trend remains one of slower growth. Business expectations are running at one-and-a-half year lows, and output continues to increase at a faster rate than incoming new orders, all of which suggests that output and employment growth could weaken again in July unless demand picks up again.

More in this category: « German growth ticks up but remains in low gear Canadian CPI rose by 2.2% »

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