(Bloomberg) -- The euro-area economy got an unexpectedly strong boost from the Paris Olympics, which propelled private-sector growth to the fastest pace in...
-- The euro-area economy got an unexpectedly strong boost from the Paris Olympics , which propelled private-sector growth to the fastest pace in three months.S&P Global’s composite Purchasing Managers’ Index jumped to 51.2 in August from 50.2 in July, exceeding even the most optimistic forecast in a Bloomberg survey of analysts. A gauge for services climbed to the highest level since April, though the region’s manufacturing slump deepened.
The data suggest the euro zone will struggle to maintain its strong momentum in the first half of the year — despite the sporting surprise. Analysts surveyed by Bloomberg see only a marginal expansion in Germany’s economy across the whole of 2024. Inflation ticked up in July and output prices across the region’s private sector accelerated in August.
PMIs are closely watched by markets as they arrive early in the month and are good at revealing trends and turning points in an economy. A measure of breadth of changes in output rather than depth, business surveys can sometimes be difficult to map directly to quarterly GDP.
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