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Financial News: Eurozone Private Sector Growth At 3-Month Low

Eurozone Private Sector Growth At 3-Month Low

05/06/2019 - 08:01:00 (RTTNews)

(RTTNews) - Eurozone private sector grew to the slowest pace in three months in April, due to the weaker performance in both manufacturing and services sectors, final data from IHS Markit's purchasing managers' survey showed on Monday.

The final Eurozone Composite Purchasing Managers' Index, or PMI, fell to a three-month low of 51.5 in April from 51.6 in March. The flash reading was 51.3.

Any score above 50 indicates an expansion in the sector.

The services PMI fell to 52.8 in April from 53.3 in the previous month. The flash reading was 52.5.

New business grew slightly in April and employment rose at the fastest rate in six months. Backlogs of works remained unchanged in April.

Rise in employment cost underpinned the input cost inflation in the service sector. Though, the firms tried to pass higher cost on to clients, the degree of increase was slower than the previous month.

Business confidence among service providers were positive and remained in line with the preceding two months.

"The final eurozone PMI for April came in slightly higher than the flash estimate, though still indicated that the economy lost a little momentum at the start of the second quarter and that growth remains worryingly lacklustre," Chris Williamson, Chief Business Economist at IHS Markit, said.

"The survey is indicative of the economy growing at a quarterly rate of approximately 0.2 percent, but manufacturing remained mired in its steepest downturn since 2013 and service sector growth slipped lower."

Germany's services PMI rose slightly to 55.7 from 55.4 in March. The flash reading was 55.6. The composite PMI increased to 52.2 in April from 51.4 in the previous month. The flash reading was 52.1.

France's services PMI expanded to 50.5 in April from 49.1 in March. The flash score was 50.5. The composite PMI rose 50.1 in April from 48.9 in the previous month. The flash reading was 50.0

Italy's services PMI fell to 50.4 in April from 53.1 in the previous month. Economists had forecast a sore of 51.8. The composite PMI contracted to 49.5 in April from 51.5 in March. Economists had forecast a score of 50.6.

Spain's services PMI fell to 53.1 in April from 56.8 in March. While, the composite PMI fell to a seven-month low of 52.9 in April.

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