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Flash PMI: Rest of EZ outperforms France and Germany

EUROZONE DATA
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Eurozone services PMNI was higher than expected at 51.1 (50.5 cons, 50.2 prior) while manufacturing PMI was below consensus (as seen for both France and Germany) at 45.7 (47.0 cons, 46.5 prior). The composite output index was marginally higher than expected at 49.9 (49.7 cons, 49.2 prior). The report continues to point to underperformance in France and Germany relative to the rest of the EZ.

  • "Ongoing falls in output in France and Germany offset a gathering upturn in the rest of the eurozone to point to an uneven economic picture."
  • "The rest of the eurozone [i.e. ex France and Germany] meanwhile collectively reported growth of output for a third successive month, with the rate of expansion reaching an 11-month high. A second month of marginal manufacturing output gains was accompanied by the fastest service sector growth since last May."
  • Input prices: "Rates cooled in Germany, France and collectively across the rest of the region."
  • "Selling price inflation likewise moderated in March, cooling for the first time in five months after having hit a nine-month high in February. Rates of charge inflation slowed in France, Germany and the rest of the region combined."
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Eurozone services PMNI was higher than expected at 51.1 (50.5 cons, 50.2 prior) while manufacturing PMI was below consensus (as seen for both France and Germany) at 45.7 (47.0 cons, 46.5 prior). The composite output index was marginally higher than expected at 49.9 (49.7 cons, 49.2 prior). The report continues to point to underperformance in France and Germany relative to the rest of the EZ.

  • "Ongoing falls in output in France and Germany offset a gathering upturn in the rest of the eurozone to point to an uneven economic picture."
  • "The rest of the eurozone [i.e. ex France and Germany] meanwhile collectively reported growth of output for a third successive month, with the rate of expansion reaching an 11-month high. A second month of marginal manufacturing output gains was accompanied by the fastest service sector growth since last May."
  • Input prices: "Rates cooled in Germany, France and collectively across the rest of the region."
  • "Selling price inflation likewise moderated in March, cooling for the first time in five months after having hit a nine-month high in February. Rates of charge inflation slowed in France, Germany and the rest of the region combined."