Eurozone economic activity grows at fastest pace in 11 months

Economic activity in the eurozone expanded this month, with new orders steady, ending a 13-month contraction.

According to the preliminary reading of a S&P Global survey, the composite Purchasing Managers' Index (PMI) rose to 51.0 in July, up from 50.6 in June, marking the best reading for economic activity in 11 months.

Data released Thursday showed that the services PMI rose to 51.2 this month, up from 50.5 in June. This represents a six-month high for services sector activity, exceeding expectations of 50.6.

The manufacturing PMI rose to 49.8 this month, up from 49.5 last month, which was in line with expectations and the best level for manufacturing activity in 36 months.

Economic activity growth in Germany slowed slightly in July, with the composite Purchasing Managers' Index (PMI) recording 50.3 points, compared to 50.4 points in June