Eurozone services return to growth but momentum remains weak

Growth in the eurozone’s dominant services industry resumed in June after a brief contraction in May, though the pace remained marginal as demand remained weak despite improving business confidence, a survey showed on Thursday.

The HCOB Eurozone Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 50.5 in June from 49.7 in May, above the preliminary estimate of 50.0.

PMI readings above 50 indicate growth in activity, while those below point to a contraction.