SPEU - Eurozone Downturn Moderates As Service Sector Steadies But Price Rises Cloud Rate Cut Outlook

2024-02-23 07:30:00 ET

Summary

• Manufacturing output fell across the eurozone for an eleventh consecutive month in February.
• Employment increased for a second month running in February after two months of decline at the end of 2023.
• Growth of average input costs across producers of goods and providers of services accelerated for a second successive month to reach the highest since last May.

Business activity in the euro area fell at the slowest rate for eight months in February, according to provisional PMI® survey data, as a stabilisation of output in the service sector offset a further steep downturn in manufacturing. Business confidence about the year ahead improved, hitting a ten-month high and encouraging firms to raise staffing levels at a pace not seen since last July, adding to signs that the eurozone's downturn is moderating. ...

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