FX.co ★ Eurozone Composite PMI Revised Higher

The HCOB Eurozone Composite PMI increased to 50.6 in June 2025, surpassing both the figure from May and the preliminary estimate of 50.2. Although this latest figure indicates only modest overall growth, it does signify the strongest expansion in three months, fueled by accelerated output increases in both the manufacturing and services sectors. Ireland continued to lead the growth rankings for the fourth consecutive month, followed by Spain, Italy, and Germany, while France remained behind, experiencing its tenth consecutive monthly decline in activity. The slight rise in output was largely supported by the completion of backlogs, which fell for the 27th consecutive month. Meanwhile, new business orders declined for the 13th month in a row, and employment growth remained modest. In terms of pricing, input cost inflation remained steady at May's six-month low. On a positive note, business confidence improved further in June, achieving its highest level since July 2024, maintaining its recovery from the 18-month low experienced in April.