Eurozone Private Sector Activity Holds Steady in August as Services Growth Slows

According to Jin10, PMI surveys showed that the eurozone's dominant services sector slowed to a two-month low in August, while steady and broad-based demand kept overall private-sector activity stable. The final services PMI fell slightly to 51.6 from 51.7 in July, below the preliminary reading that had been expected to match the previous month, and the composite PMI was 52.0, close to the long-term average of 52.3. S&P Global Market Intelligence chief economist Joe Hayes said the August PMI data suggested the eurozone economy was on track for solid growth in the third quarter, with industrial momentum strengthening and services no longer weighed down by the early-war surge in energy prices in the Middle East.