The S&P Global Eurozone Composite PMI was revised up to 50.0 in June 2026, from a preliminary estimate of 49.5 and May’s 48.5, signaling a stabilization in private sector output after two consecutive months of decline. Manufacturing output returned to growth and offset a slower, but ongoing, contraction in services activity. Italy, Spain, and Ireland led the improvement with stronger expansions in business activity, while Germany and France remained in decline but recorded a moderation in their rates of contraction.
New business volumes fell for a fourth consecutive month, although the drop was only marginal and tied for the smallest since March. Employment levels were broadly unchanged, following the steepest workforce reduction in five and a half years. Backlogs of work continued to be cleared, but at a slightly slower pace than in April and May, remaining among the fastest depletion rates seen over the past year. Input and output prices rose sharply again, though cost pressures were weaker than at recent peaks. Meanwhile, business confidence strengthened to its highest level since the outbreak of the war in the Middle East.
