Eurozone service sector rises in March

The data showed that the composite PMI that combines the manufacturing and services sectors in the euro zone, which is seen as a good guide to economic health, fell to 54.9 points in March from 55.5 points in February. The services purchasing managers' index rose in the 19 member states of the euro area to 55.6 points in March from 55.5 points in February, and the services sector in Germany rose to its highest level in six months in March.

The index for future production of the composite PMI fell to 59.1 points in March from 68.9 points in February, the lowest level since October 2020, as the cost of living crisis as well as renewed supply chain bottlenecks in the wake of the Russian invasion caused a significant impact on optimism.