Eurozone economy's decline slows

The Eurozone economy contracted in June for the third consecutive month, but at a slower pace, amid a limited recovery in demand for tourism and entertainment. The Purchasing Managers' Index rose to 49.5, the highest in three months, but still indicates contraction. New orders declined for the fourth month, and the pace of decline in the services sector slowed, while Germany experienced its largest decrease in 18 months. Inflation in costs and selling prices also slowed, with signs pointing to the possibility of reaching peak inflation.

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