LONDON (Reuters) – Private sector activity in the euro zone exceeded expectations in March and was close to returning to growth, shows the HCOB/S&P Global purchasing managers survey published on Thursday.
The composite “flash” PMI index, which includes services and the manufacturing sector, rose to 49.9 this month from 49.2 in February, above the consensus which gave it at 49.7.
However, this is the tenth month in a row that this index has fallen below the threshold of 50 which separates growth from a contraction in activity.
The “flash” PMI services index reached 51.1 in March, at its highest level in nine months, after 50.2 in February.
“The fact that the services PMI rose into expansionary territory at 51.1 should be seen as a positive development, especially since this is the second consecutive month of growth,” said Cyrus of the Rubia, economist at Hamburg Commercial Bank.
On the other hand, the “flash” PMI index of the manufacturing sector fell to 45.7 after 46.5 in February, to its lowest level in three months and well below the expectations of analysts, who expected an increase to 47 ,0.
(Reporting Jonathan Cable, Augustin Turpin, editing by Kate Entringer)
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