(S&PGlobal) The overall Composite Output Index in the euro area was at a seven-month high of 55.8 in April, up from 54.9 in March.
The robust growth reflected a strong uptick in service activity, with the index reaching an eight-month high of 57.7 in April, compared to 55.6 in March. Fewer Covid-19 restrictions boosted the activity.
Despite the service business gains, manufacturing activity showed sluggish activity. Goods production rose at a marginal rate and was the slowest in twenty-two months.
Overall growth was the strongest in France, with the private sector posting the fastest expansion in four years. Spain and Italy also posted quicker improvements, but Germany growth was at a three-month low.
Overseas demand stagnated, with the export orders falling modestly but at the sharpest rate since November 2020.
Firms increased their hiring, with the employment rate jumping at the fastest rate in five months. The staffing levels were above the historical averages.
Backlogs rose for the fourteenth straight month The rate of accumulation of outstanding business rose slightly but was weaker compared to survey records.
Price pressures escalated. Input costs rose at the second-fastest rate on record, while output charges rose at a record pace.
Businesses remained less upbeat compared to the levels of January and February. The confidence only improved slightly from the 17-month low of March.
DAX is down -0.043%, EURUSD is up +0.32%
