Eurozone Business Activity Misses Expectations

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.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza