Eurozone records highest growth in 7 months - Improving business climate, increased spending boost optimism
Eurozone business activity grew at the fastest pace in seven months in March, supported by an easing of the long-term decline in output.
The improving business climate in the single currency bloc could gain more traction in the coming months, as plans for increased spending on infrastructure and defense, particularly in Germany, raise optimism about a turnaround in Europe's economic fortunes.
The eurozone's preliminary purchasing managers' index, compiled by S&P Global, rose to 50.4 this month from 50.2 in February, the highest since August. It has remained above the 50 mark that separates growth from contraction since the start of this year.
However, activity growth was still weak and the index was below Reuters’ forecast for an increase to 50.8. An index measuring the bloc’s dominant services industry fell to 50.4 from 50.6 last month, below the Reuters poll forecast of 51.0.
But a nearly three-year contraction in manufacturing eased and the overall purchasing managers' index rose to its highest level in over two years at 48.7.
Faced with higher costs, manufacturing firms raised prices. Input and output inflation reached their highest levels in seven months. However, prices rose at a slower pace in the services sector.
Job creation also increased this month. The composite employment index rose to 50.1 from 49.2, moving above the neutral mark for the first time in eight months.
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