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4 Mar 2015
Eurozone service sector activity rises to seven-month high in February
FXStreet (Mumbai) - The Eurozone Services Business Activity Index rose to a seven month high of 53.7 in February, but came in slightly softer than the earlier flash estimate of 53.9.
The details show a solid increase in new business, which rose at the quickest pace in eight months, which pushed the job creation to a 45-month high. Meanwhile, Average service sector charges, meanwhile, fell for the thirty-ninth straight month. Output prices fell in France, Italy and Spain, while Germany and Ireland reported increases.
As per Chris Williamson, Chief Economist at Markit, “There were clear signs of the Eurozone economy reviving in February, with stronger inflows of new business and rising business confidence suggesting growth should continue to pick up in March. The outlook has brightened for all countries. Concerns about ‘Grexit’ and contagion to other countries have eased, the weaker euro should help boost exports and, perhaps most importantly, the commencement of quantitative easing by the ECB should stimulate the economy as we move through the year.”
The details show a solid increase in new business, which rose at the quickest pace in eight months, which pushed the job creation to a 45-month high. Meanwhile, Average service sector charges, meanwhile, fell for the thirty-ninth straight month. Output prices fell in France, Italy and Spain, while Germany and Ireland reported increases.
As per Chris Williamson, Chief Economist at Markit, “There were clear signs of the Eurozone economy reviving in February, with stronger inflows of new business and rising business confidence suggesting growth should continue to pick up in March. The outlook has brightened for all countries. Concerns about ‘Grexit’ and contagion to other countries have eased, the weaker euro should help boost exports and, perhaps most importantly, the commencement of quantitative easing by the ECB should stimulate the economy as we move through the year.”