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Financial News: Eurozone Private Sector Growth Weakest In 14 Months

Eurozone Private Sector Growth Weakest In 14 Months

03/22/2018 - 05:37:00 (RTTNews)

(RTTNews) - The euro area private sector expanded at the weakest pace in more than a year in March, flash data from IHS Markit showed Thursday.

The composite output index dropped to 55.3 in March from 57.1 in February. The score signaled the weakest growth in the private sector since January 2017.

The reading was expected to ease moderately to 56.8. Nonetheless, a score above 50 indicates expansion.

The services Purchasing Managers' Index slid to a 5-month low of 55.0 from 56.2 in February. The expected reading was 56.0.

Likewise, the manufacturing PMI came in at 56.6 in March versus 58.6 in February. This was the lowest in 8 months and also below forecast of 58.1.

"While the first quarter average PMI reading remains relatively robust, indicative of GDP rising by 0.7-0.8 percent, the loss of momentum since the buoyant start to the year has been quite dramatic," Chris Williamson, chief business economist at IHS Markit said.

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