Summary

• The Eurozone PMI, compiled by S&P Global, indicated an easing in the pace of economic contraction, according to the early ‘flash’ estimate. The PMI rose from 48.5 in May to 49.5 in June.
• Service sector output contracted for a third successive month in June, though the rate of decline was the weakest seen over this period, buoyed by rising activity outside of France and Germany.
• The lack of growth reflected a drop in new orders across goods and services for a fourth successive month, albeit with the rate of loss of service sector new business moderating.

The eurozone economy is showing enough resilience to just about stay out of recession, according to fresh survey data from S&P Global. The flash PMI registered only a slight drop in business activity in June, meaning the survey