The Eurozone July final services PMI was in line with the flash reading at 51.9, after France and Germany saw offsetting revisions. The French services PMI was 50.1 (vs 50.7 flash) while Germany printed at 52.5 (vs 52.0 flash).

• This was the third consecutive fall in the Eurozone services PMI index. The release notes that “Restricting activity growth was a slower rise in new business”.
• “Sales growth was limited to domestic markets, latest data suggested, as new export business shrank at the quickest rate in five months”.
• On the inflation front: “Latest survey data indicated an uptick in the rate of input cost inflation, although output charges increased at the weakest pace since May 2021”.

The composite PMI was 50.2 (vs 50.1 flash), down from 52.2 in May, with growth restricted to the services sector. “Weighing on output was a further reduction in demand for euro area goods and services, particularly from non-domestic sources”.