Private sector activity in the euro zone contracted for a third straight month in June, although the pace of decline moderated compared to previous readings.
The latest Purchasing Managers' Index (PMI) data reveals a mixed economic landscape where a modest recovery in tourism and leisure demand was insufficient to counterbalance a sustained drop in new business orders.
The divergence between consumer-facing services and broader business activity highlights structural challenges within the bloc.
While the leisure sector showed signs of life, the persistent fall in new business suggests that corporate confidence remains subdued.
This pattern of uneven recovery complicates the outlook for near-term growth, as the engine of private sector expansion continues to sputter.
For markets, the data reinforces the narrative of a fragile economic environment.