The eurozone composite PMI rose unexpectedly to 55.8 in April from 54.9 in March, with manufacturing and services moving in the opposite direction.
The rise in the composite PMI refuted analysts’ estimates in a Reuters poll for a drop to 53.9 points.
“Details showed that this increase was entirely due to the services component, but the manufacturing PMI declined as supply constraints worsened due to the war in Ukraine and lockdowns in China,” said Jessica Hinds of Capital Economics.
The PMI for the services sector rose to an 8-month high of 57.7 in April from 55.6 in March. The average forecast in a Reuters poll “saw” a drop to 55.0 points.
However, the manufacturing PMI fell to a 16-month low of 55.3 points from 56.5 in March, although it exceeded analysts’ forecast of 54.7 points. The manufacturing PMI fell to 50.4 in April from 53.1 in March.
The slowdown in manufacturing drove the composite PMI in Germany to 54.1 points from 56.9, while industrial production strengthened in France, supporting the composite PMI to reach 57.5 points from 56.3 in March. Both economies were stronger in services.
Source: Capital
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