Eurozone PMI services was finalized at 54.7 in April, revised down from 55.0. Prior month’s reading was 54.9.
Eurozone PMI composite was finalized at 55.1, revised down from 55.2. Prior month’s reading was 55.2.
German PMI composite dropped to 19-month low at 54.6. Italy PMI composite dropped to 15-month low at 52.9.
On the other hand, France PMI composite rose to 2 month high at 56.9. Ireland PMI composite rose to 3 month high at 57.6.
Quote from Chris Williamson, Chief Business Economist at IHS:
“The final PMI numbers confirm the marked, broadbased fading of the eurozone’s growth spurt so far this year. The headline index has fallen from an eleven-and-a-half year peak in January to a 15- month low in April. Despite the drop, the PMI is not yet at a worryingly low level, but the survey details hint at further easing in the coming months.
“While the expansion signalled by April’s PMI is disappointing relative to the elevated levels seen at the start of the year, the survey remains indicative of the eurozone economy growing at a robust quarterly rate of approximately 0.5-0.6%. Employment growth is also still booming, with the rate of job creation in the service sector at its highest for over a decade.
“Employment is a lagging indicator, however, and two reliable leading indicators have turned down, suggesting that both output and hiring trends will weaken further, at least into May. First, backlogs of uncompleted orders grew at the slowest rate for eight months. Second, companies’ expectations about future output hit a five-month low. Any further deterioration could herald new concerns among policymakers regarding the economic outlook.”
