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Free AccessMNI: EMU Composite PMI Broadly Unchanged In April
-CIPS/IHS Markit EMU Composite PMI 55.1 in April Vs 55.2 in March
By Jamie Satchi
LONDON (MNI) - Overall economic activity in the Euro area continued to
expand at a robust pace in April, with solid growth in both the manufacturing
and services sectors, data from the IHS Markit/CIPS survey showed.
The EMU Composite Purchasing Managers' Index (PMI) fell by a tenth of a
point to 55.1 in April, below the March outturn and flash April estimate of
55.2.
The headline index has now signalled expansion in the each of the past 58
months and despite sitting above the average over this period of time, April's
outturn was the weakest since January 2017.
Driving the month's result was a slowdown in service sector growth, easing
to an eight-month low, offset by a slight strengthening in manufacturing growth.
--EUROZONE SERVICES OUTPUT SLOWS
Published alongside the composite index, the services index pointed to a
marginal in sector activity. The EMU Services Purchasing Managers' Index (PMI)
fell to 54.7, down from March's 54.9. The April flash estimate had earlier
pencilled in a pickup in activity, albeit minute, looking for a 0.1 point rise
to 55.0.
--FRANCE, IRELAND LEAD THE WAY
Breaking down growth by country, France and Ireland were the only two major
economies judged to have grown at a faster pace in April. Their respective
composite indices hit 56.9 (a 2-month high) and 57.6 (a 3-month high), while
Spain, Germany and Italy each saw a moderation in the pace of expansion.
In Germany, both the services and composite indices fell to 19-month lows.
The services index fell 0.9 points to 53.0 while the composite measure lost 0.5
points, settling at 54.6.
--EURO AREA DEMAND SLOWS
The weaker growth of eurozone economic output reflected a tandem slowdown
in the rate of expansion in incoming new business. New orders rose at the
slowest pace for 15 months but remains solid. Growth eased in both the
manufacturing (17-month low) and service (eight-month low) sectors.
--EMPLOYMENT UP
Despite the moderation in new orders, intake of new work was still strong
enough to test existing capacity, as indicated by a further rise in outstanding
business and hiring intentions in April.
Job creation registered for the forty-second month in a row. The pace of
growth also ticked higher and remained among the best seen over the past decade.
--INPUT PRICES EASE
Price pressures continued to soften in April, with rates of increase in
input costs and output charges easing to respective seven-month and four-month
lows.
Input price increases remained elevated nonetheless, reflecting "high raw
material costs", induced by excess demand, and "growing staff costs".
--FURTHER WEAKNESS EXPECTED
"Despite the drop, the PMI is not yet at a worryingly low level, but the
survey details hint at further easing in the coming months," said Chris
Williamson, Chief Business Economist at IHS Markit.
Williamson cited the slowdown in two forward looking indicators, order
backlogs and future output expectations, which fell to eight-month and
five-month lows respectively, as enough to warrant the prospective slowdown.
He did, however, add that despite the weakening, the surveys remained
indicative of robust growth that point to the "eurozone economy growing at a
robust quarterly rate of approximately 0.5-0.6%".
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$,MT$$$$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.