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Financial News: Eurozone Private Sector Moves Closer To Stabilization

Eurozone Private Sector Moves Closer To Stabilization

03/05/2024 - 07:21:00 (RTTNews)

(RTTNews) - The euro area private sector moved closer to stabilization as renewed services activity expansion offset further contraction in manufacturing, final survey results from S&P Global showed Tuesday.

The HCOB composite output index rose to an eight-month high of 49.2 in February from 47.9 in January. The score was well above the flash 48.9. However, a reading below 50.0 indicates contraction.

The services Purchasing Managers' Index advanced to 50.2 from 48.4 in the previous month. The flash reading was 50.0.

Among big-four economies, solid expansion was seen in Spain. Italy also contributed positively. However, these upturns were counteracted by the euro area's two largest economies, France and Germany.

Germany's business activity contracted the most in four months in February due to accelerated reduction in manufacturing output. The composite PMI posted 46.3, down from 47.0 in January. The score was above the initial estimate of 46.1.

The services PMI climbed to 48.3 from 47.7 in the previous month. The flash reading was 48.2.

France's private sector contracted at the slowest pace in nine months in February. The composite PMI rose to 48.1 from 44.6 in January. The flash reading was 47.7. The services PMI posted 48.4, up from 45.4 a month ago and the flash 48.0.

Italy's private sector growth accelerated in February with the composite index rising to 51.1 from 50.7 in January. The services PMI registered 52.2, up from 51.2 in January.

Spain private sector logged a sharper growth as manufacturing output returned to growth and services growth accelerated. The composite output index improved to 53.9, the highest since May 2023, from 51.5 in the previous month.

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