Business activity in the euro zone slipped in August, with growth in both the region’s manufacturing and services sectors slowing over the month.
The flash composite Purchasing Managers’ Index (PMI) for the euro zone came in at 52.8 in August, according to data provider Markit, below Reuters forecasts of 53.4. It also marked a fall from July’s reading of 53.8.
A reading above 50 indicates expansion, however, and August’s reading marked the fourteenth consecutive month of growth.
The data come after official figures revealed that euro zone economic growth was stagnant in the second quarter. Gross domestic product in the region was flat, falling below analysts’ expectations.
Markit said the PMI data for August were consistent with only a low pace of GDP growth.
In a statement, Rob Dobson, senior economist at Markit, said business in the region had made “steady progress”, but stressed it remained on track to post growth of only 0.3 percent-0.4 percent in the third quarter.
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