The euro zone economy has lost some momentum but is still on track for solid growth in the third quarter of this year.
IHS Markit's flash composite PMI for the euro zone, which looks at activity across both manufacturing and services, hit 59.5 in August versus 60.2 in July.
The latest business activity data come as many consumers in the region enjoy the lifting of Covid-related restrictions, which has boosted the economic recovery in the wake of the pandemic.Gondolas and gondoliers, one of the characteristic presences of the canals of the city of Venice, have resumed carrying tourists around with small limitations on the number of contemporary passengers to avoid possible infections.
IHS Markit's flash composite PMI for the euro zone, which looks at activity across both manufacturing and services, hit a two-month low of 59.5 in August versus 60.2 in July. A reading above 50 represents an expansion in economic activity. "Encouragement comes from a second month of job creation at the strongest for 21 years, which reflects efforts by firms to boost operating capacity and meet demand, which should ultimately further help bring price pressures down," Chris Williamson, chief business economist at IHS Markit, said in a statement.-related restrictions, which has boosted the economic recovery in the wake of the pandemic.
Growth estimates last month showed that the euro area had bounced back from a technical recession by
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