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Eurozone PMI composite finalized at 53.2, increasingly adapted to life with the virus

Eurozone PMI Services was finalized at 49.6 in March up from February’s 45.7. PMI Composite was finalized at 53.2, up from prior month’s 48.8, highest level since last July. Looking at some member states, Germany PMI Composite was finalized at 57.3, a 37-month high. Ireland PMI Composite rose to 8-month high at 54.5, Italy rose to 8-month high at 51.9, Spain rose to 8-month high at 50.1, France rose to 7-month high at 50.0.

Chris Williamson, Chief Business Economist at IHS Markit said: “The survey therefore indicates that the economy has weathered recent lockdowns far better than many had expected, thanks to resurgent manufacturing growth and signs that social distancing and mobility restrictions are having far less of an impact on service sector businesses than seen this time last year. This resilience suggests not only that companies and their customers are looking ahead to better times, but have also increasingly adapted to life with the virus.”

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