The eurozone’s latest purchasing managers’ index (PMI) figures for the services sector April are rolling out this morning. They should give us some indication of how Europe’s recovery is going.
Analysts were expecting an improvement for Spain and Italy, but at 60.3 (the strongest since 2006), Spain’s was much stronger than even bullish economists forecast.
Declines in the bloc’s two biggest economy, Germany and France, were expected to drag the index down. We’ve already had the “flash” readings for those two countries, with both showing a minor deteriorating in growth during April.
- Spain: 60.3 (57.3 in March, 57.4 expected)
- Italy: Out at 8:45 a.m. (51.6 previously, 52 expected)
- France: Out at 8:50 a.m. (52.4 previously, 50.8 expected)
- Germany: Out at 8:55 a.m. (55.4 previously, 54.4 expected)
- Eurozone: Out at 9 a.m. (54.2 previously, 53.7 expected)
We’ll update you here as the numbers are released.