Eurozone economy grows better than expected in March

The data showed that the composite PMI that combines the industrial and service sectors in the euro area scored 54.5 points in March, compared to 55.5 points in February, and the output measurement index that feeds the composite PMI fell to 53.6 points in March from 55.5 points in February.

The services PMI fell to 54.8 points in March from 55.5 points in February, and the employment index for the services PMI rose to 54.8 points in March from 53.6 points in February. The data showed that the manufacturing purchasing managers' index in the euro area fell to 57.0 points in March from 58.2 points in February, and the future production index fell to 53.8 points in March from 68.5 points in February, the lowest reading since May 2020.