WS News
03 Jul 2026, 15:26
Eurozone Services PMI Sends Mixed Signals as Germany Improves, France Remains Weak
The latest HCOB Services PMI data painted a mixed picture for the eurozone economy in June, with Germany showing signs of improvement, Italy returning to modest expansion, while France remained in contraction.
Germany’s HCOB Services PMI rose to 48.6 in June from 48.1 in May, comfortably beating economists’ expectations of 46.8. Although the index remained below the 50-point threshold that separates expansion from contraction, the stronger-than-expected reading suggests the downturn in Germany’s services sector is easing.
Italy also showed encouraging signs, with its Services PMI rising to 50.2 from 49.4. While the figure came in just below the consensus estimate of 50.3, it moved back above the 50 mark, indicating a return to modest expansion after contracting in the previous month.
France, however, continued to lag behind its eurozone peers. The country’s Services PMI improved to 46.8 from 44.3 but missed expectations of 47.4, remaining firmly in contraction territory.
The latest HCOB Services PMI data painted a mixed picture for the eurozone economy in June, with Germany showing signs of improvement, Italy returning to modest expansion, while France remained in contraction.
Germany’s HCOB Services PMI rose to 48.6 in June from 48.1 in May, comfortably beating economists’ expectations of 46.8. Although the index remained below the 50-point threshold that separates expansion from contraction, the stronger-than-expected reading suggests the downturn in Germany’s services sector is easing.
Italy also showed encouraging signs, with its Services PMI rising to 50.2 from 49.4. While the figure came in just below the consensus estimate of 50.3, it moved back above the 50 mark, indicating a return to modest expansion after contracting in the previous month.
France, however, continued to lag behind its eurozone peers. The country’s Services PMI improved to 46.8 from 44.3 but missed expectations of 47.4, remaining firmly in contraction territory.