Services sector rises in Eurozone in April

Data released by Markt today showed that the composite PMI that combines the industrial and service sectors in the euro area and which is seen as a good measure of economic health rose to 53.8 in April from 53.2 in March. The services PMI rose to 50.5 in April from 49.6 in March, and the future expectations index rose to 68.4 in April from 67.4 in March, its highest level in more than a decade.

The data showed that the French services sector returned to growth in April despite the closure measures, while the service sector in Germany, the largest economy in Europe, declined. The services sector in Italy declined for the ninth month in a row, while service activity in Spain grew for the first time since last July.