Eurozone Services Growth Jumps to Seven-Month High

Source: Markit Economics

The services sector in the eurozone continued to climb in April, marking its best performance in seven months. EZU is down 0.25%, while VGK is down 0.53%.

• The S&P Global Eurozone PMI Composite Output Index stood at 55.8 in April, higher than the 54.9 in March. This is the highest since September 2021.
• The fastest growth was recorded in France with a 51-month high of 57.6, followed by Spain with a two-month high of 55.7, and Italy with a four-month high of 54.5.
• Firms attributed the growth to the easing of COVID-19 restrictions in the recent months, driving catch-up on work and higher client appetite.
• New orders climbed to reflect the gains in the domestic market, while new export orders for the month declined.
• Employment continued to grow and hit a five-month high in April, with stronger hiring activity seen in monitored sectors.
• Business expectations remained subdued but posted slight growth, following the 17-month low in March.