The Euro area PMIs defy Trump
The composite Purchasing Managers' Index for manufacturing and the service sector in the euro area rose slightly in July from 50.6 to 51.0.
Commerzbank Economic Research
07/24/2025
The composite Purchasing Managers' Index (PMI) for manufacturing and the service sector in the euro area rose slightly to 51.0 in July from 50.6 in June. The consensus had expected an even smaller increase. While the composite PMI in Germany fell slightly (from 50.4 to 50.3), it rose in France from 49.2 to 49.6. In the euro area as a whole, the increase was due to developments in both the manufacturing sector (from 49.5 to 49.8) and services sector (from 50.5 to 51.0).
With today's data, the sentiment indicator continues its halting recovery since the beginning of the year. The indicator remains in the range in which the economy has grown moderately in the past. The cautious development also points to only very moderate economic growth this year.
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