Economic Buzz: Eurozone Composite Purchasing Managers? Index hits four-month high

Business activity in the euro zone grew at a slightly faster pace in July than in June but remained sluggish as demand was muted, a survey showed on Tuesday. The HCOB Eurozone Composite Purchasing Managers? Index, compiled by S&P Global, edged up to 50.9 in July from 50.6 in June, just below a preliminary estimate of 51.0. PMI readings above 50.0 indicate growth in activity while those below point to a contraction. July?s reading marked a four-month high but was still below the survey?s long-term average of 52.4, reflecting persistent weakness in the 20-country currency bloc. Services activity expanded at a slightly faster rate with the sector?s PMI climbing to 51.0 from 50.5 in June.

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