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Eurozone composite PMI hits three month high in March

by ChemOrbis Editorial Team -
  • 22/03/2016 (15:22)
According to a composite purchasing managers’ index (PMI) compiled by Markit Economics, a combined measure of manufacturing and service output in the eurozone rose to a reading of 53.7 in March from February’s reading of 53, marking the highest level seen December. Any reading above 50 represents an expansion.

The upturn was attributed to stronger services and manufacturing activities. According to Markit, the region’s flash services PMI index also rose to three month high of 54 from a reading of 53.3 in February while the PMI for manufacturing activities in the eurozone climbed to a two month high of 51.4 from February’s reading of 51.2.

However, data showed that despite the recovery in March, the average PMI reading for the first quarter was the lowest quarterly reading in a year at 53.4. This signals a slight slowing in the pace of economic growth.

In a separate statement, Markit also reported that Germany’s composite PMI remained unchanged at a reading of 54.1 in March. A PMI index for the manufacturing activities in the country, however, dipped to a reading of 50.4 from 50.5 in February while a gauge for the services sector rose to reading of 55.5 in March from 55.2 in the previous month.

For France, meanwhile, Markit’s report revealed that the composite activity index rose to 51.1 in March from a reading of 49.3 in February.
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