Eurozone PMI Services was finalized at 52.7 in February, up from January’s 50.8. PMI Composite was finalized at 52.0, up from prior month’s 50.3. Both were at their 8-month highs.
Looking at some member state, PMI composite improved in Spain (55.7, 9-month high), Ireland (54.5, 9-month high), Italy (52.2, 9-month high), France (51.7, 7-month high) and Germany (50.7, 8-month high).
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “A resounding expansion of business activity in February helps allay worries of a eurozone recession, for now. Doubts linger about the underlying strength of demand… Nevertheless, there are clear signs that business confidence has picked up from the lows seen late last year…
“There is a concern, however, that signs of persistent elevated selling price inflation, combined with the surprising resiliency of the economy, will embolden the ECB into more aggressive monetary policy tightening, which poses a downside risk to demand growth in the months ahead.”
