Euro zone business activity grows at fastest pace in almost a year, PMI shows [Reuters]
S&P Global Inc. (SPGI)
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Source: Reuters
services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday. HCOB's composite Purchasing Managers' Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, bounced to 51.7 in April from March's 50.3, surpassing a preliminary 51.4 estimate. That was its second month above the 50 mark separating growth from contraction and the highest since May last year. "Service providers have now expanded their activity for the third consecutive month, putting an end to the lack of dynamism observed in the second half of last year," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The services PMI leapt to 53.3 from 51.5, above the flash estimate of 52.9 and its highest reading since last May. A sister survey released last week showed activity in the euro zone took a turn for the worse in April, highlighting the divergence between the two sectors. Overall optimism about the year
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