Eurozone business activity grows despite slowdown

The Eurozone's Service Purchasing Managers Index (PMI) continued its growth trend in August, although it decreased to 59 points from 59.8 points seen in July.

Composite PMI in the euro area was reduced to 59 points from 60.2 points, the highest level in 15 years in July. Despite a record slowdown, the region's services sector recorded the second-highest growth rate since mid-2006.

IHS Markit economist Joe Hayes said the eurozone had strong growth in August, just below the record level. “The relaxation of COVID-19 measures has supported the largest increase in activity since mid-2006 for the past two months,” Hayes said.