Eurozone business growth unexpectedly rose this month, with the bloc’s dominant services sector reporting an increase in activity as consumers avoided soaring prices.
- S&P Global’s Flash Composite Purchasing Managers’ Index, which measures overall economic health, jumped to 55.8 in April from 54.9 in March.
- Chris Williamson, a chief business economist at S&P Global, stated April posted a two-speed eurozone economy, further noting manufacturing came close to stalling due to supply constraints and rising prices.
- A PMI, which tracks the services industry, increased to an eight-month high of 57.7 in April from 55.6 in March.
- Meanwhile, the factory PMI dropped to a 16-month low of 55.3, from 56.5 in March. But, an index gauging output that feeds into the composite PMI plunged to 50.4 from 53.1.
Growth in demand for manufactured goods deteriorated, and the new orders index dropped to 51.4 from 53.7, it’s the lowest reading since Covid-19 started.
Euro Stoxx 50 down -1.65%, EUR USD down -0.04%
Source: S&P Global
