LONDON, Aug 5 (Reuters) – Business activity in the euro zone grew at a slightly faster pace in July than in June but remained sluggish as demand dipped, a survey showed on Tuesday.
The HCOB Eurozone Composite Purchasing Managers’ Index, compiled by S&P Global, edged up to 50.9 in July from 50.6 in June, just below a preliminary estimate of 51.0.
PMI readings above 50.0 indicate growth in activity while those below point to a contraction.
July’s reading marked a four-month high but was still below the survey’s long-term average of 52.4, reflecting persistent weakness in the 20-country currency bloc.
Services activity expanded at a slightly faster rate with the sector’s PMI climbing to 51.0 from 50.5 in June.
