Eurozone growth tapers off in June, PMI shows

Eurozone growth slowed for the second month in a row in June, according to the Purchasing Managers Index (PMI).

The Markit Flash eurozone composite output index, which is based on around 85% of usual monthly survey replies, was down to a three-month low of 56, down from 56.4 in May. Manufacturing growth picked up slightly, although it remains well below the near 10-year peak seen in April. The new orders index suggests that growth may slow further in the coming month, Markit economists say, as it fell for the second month in a row to register the weakest monthly increase in new business since February. Chris Williamson, the chief economist, says: "The flash PMI suggests that GDP growth will ...