Euro zone economy downturn slows significantly in June, PMI index increases

The downturn in the euro zone continued to recover in June, according to data Tuesday, giving the latest indication of the region’s economic health as it emerges from the coronavirus pandemic.

Flash purchasing manager’s index (PMI) data — measuring activity in both the services and manufacturing sector in the euro zone — came in at 47.5 in June, up from a final reading of 31.9 in May. The 50-point mark separates contraction from expansion. Economists polled by Reuters had expected the flash June PMI to come in at 42.4.

The 15.6-point rise was by far the largest in the survey history with the exception of May’s record increase, IHS Markit said in its data release.