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Eurozone Composite PMI at Document High, Services in Growth

 Eurozone PMI Services in Growth

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The reading was the very best seen in eight months, and although the services sector activity was weighed down by lockdowns in Germany – Eurozone’s most vital economy, activity rose across France and other parts of the EU. The return to marginal growth within the sector in other regions helped propel the general PMI reading above the 50-level for April.

Despite being under lockdowns thanks to the present third wave of the coronavirus pandemic, the Eurozone’s economic recovery received a lift from the services sector which rebounded to growth during the month of April. The Eurozone’s flash manufacturing PMI improved to 50.3 in April from 49.6 in March, rising above the 50-threshold indicating expansion within the services industry.

Meanwhile, the manufacturing sector saw a small increase in activity, with the pace of growth rising from 63.3 in March to 63.4 in April, rising for the 10th consecutive month and reaching another record high. This helped boost the flash composite PMI of the Eurozone to a record high reading of 63.3 for the month of April from 62.5 in March.

Overall commercial activity across both sectors saw output increasing for 2 straight months after declining for four consecutive months previously. New orders received also posted growth, spurred by a record improvement in new orders for manufactured products whilst new orders for the services sector declined for the ninth consecutive month in April.

Chief Business Economist at IHS Markit, Chris Williamson, observes, “Although the service sector continued to be hard hit by lockdown measures, it's returned to growth as companies suit life with the virus and steel oneself against better times ahead. The manufacturing sector is meanwhile booming. Pent-up spending, restocking, investment in new machinery and growing optimism about the outlook have all helped fuel an extra record surge in both output and new orders.”

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