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Euro PMI Data Disappoints

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Euro PMI Data Disappoints

The Markit Economics Purchasing Managers Indices (PMI) for the Euro area Services sectors have been rolling off the tape all morning. The headline reading is obviously the overall figure for the Eurozone itself, this has just been published at 52.2, down from last months 52.6 and also missing the consensus estimate of 52.4.

Throughout the morning various European countries have been publishing their own Services PMI data and this is worth taking a look at from a comparative point of view.

Spain posted an improved figure of 54.0, up 0.3 points on last month and also ahead of the 53.5 consensus.

The Italian number was disappointingly below predictions, at 49.5 this is 3.4 points worse than last month and significantly lower than the consensus estimate of 52.0.

France has slipped back this month, reporting it’s Services PMI to be 51.5 against an anticipated reading of 51.4 and a February reading of just 47.2. This French figure is arguably the most important number of the morning as it was the one that posed the most risk of slipping back below the 50 level that marks the distinction between expansion and contraction of the PMI indicator. This second month in a row above 50 bodes well for the French reading stabilizing close to those of it’s Eurozone peers.

Finally, the German figure came in at 53.0 versus a consensus of 54.0 and a previous month figure of 55.9. The Eurozones largest economy has posted a miss but still remains well ahead of it’s neighbours.

Along with all these Services PMI numbers, Markit Economics also published the Composite PMI data for the Eurozone overall, this figure is a weighted amalgamation of survey responses from both the Services and Manufacturing sectors. This reading was 53.1 which is down slightly on last months 53.3 and it has also missed the consensus estimate of 53.2.

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