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Market Update: Eurozone Private Sector Activity Grows at Fastest Rate for 15 Years
The IHS Markit Eurozone Composite PMI rose to 59.2 in June 2021, its highest since June 2006 and slightly above market expectations of 58.8, a preliminary estimate showed. The latest reading indicated a third successive month of accelerating output growth as the economy continued to open up from COVID-19 related restrictions. Services sector activity grew the most since July 2007, while manufacturing production continued to expand at a solid pace. New order growth accelerated to the fastest since June 2006 and employment rose the most in three years, while backlogs of work increased at a record rate. June also saw a further near-record lengthening of supply chains and an increasingly widespread depletion of warehouse inventories. On the price front, average input cost inflation was the highest since September 2000 and prices charged rose at an unprecedented rate, as demand continued to outstrip supply. Looking ahead, business confidence hit an all-time high. source: Markit Economics [/s2If]
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