Euro area Manufacturing PMI decreased to 42.70 points in July from 43.40 points in June of 2023. Consensus at 43.5.

Services PMI decreased to 51.10 points in July from 52 points in June of 2023.Consensus at 51.5.

The HCOB Germany Composite PMI fell to 48.3 in July 2023 from 50.6 in June and below forecasts of 50.3.

The reading pointed to the first contraction in private sector activity so far this year and the biggest since November, with manufacturing production falling at the fastest rate since May 2020, amid rapidly declining demand for goods.

Also, the upturn in services activity continued to lose momentum as growth slowed to a five-month low amid a renewed fall in inflows.

Total inflows of new work fell the most in more than three years, weighed by a range of factors, including customer hesitancy, destocking, high inflation and rising interest rates. Meanwhile, backlogs of work shrank the most in over three years, employment growth slowed sharply and price pressures continued to ease led by manufacturing although services prices rose faster. Finally, expectations towards future activity turned negative for the first time this year.

Source : Seeking Alpha