Euro Area PMIs – Recovery paused

The composite Purchasing Managers' Index for the manufacturing and the service sectors in the euro area stagnated at 50.2 points in February. The consensus had expected a slight increase (to 50.5). The sentiment indicator has thus paused its upward trend of recent months, but confirms the end of the winter dip. The indicator remains in a range in which the economy has grown slightly in the past. Overall, this suggests a very moderate recovery of the euro economy in the current year.

A look at the sectors reveals a mixed picture. The Purchasing Managers' Index for services has fallen (from 51.3 to 50.7), mainly due to France. The indicator for the manufacturing industry, on the other hand, has risen from a low level (from 46.6 to 47.3).

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