Eurozone PMI Manufacturing declined from 47.3 to 45.5 in April, hitting a 35-month low. On the other hand, PMI Services rose from 55.0 to 56.6, a 12-month high. PMI Composite rose from 53.7 to 54.4, an 11-month high.
Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said: “The HCOB Purchasing Managers’ Indices for the euro zone show a very friendly overall picture of an economy that continues to recover. However, a closer look reveals that growth is very unevenly distributed…”
“For the further, companies are rather positive not only in the services sector but also for the manufacturing sector. According to the companies surveyed, the reasons for this optimism include a diminishing fear of a resurgence of the energy crisis, supply chains that are functioning better again, and the expectation that inflation has passed its zenith. The latter is coupled with the hope that the ECB will pause its interest rate hikes soon.”
Full Eurozone PMI release here.
Also released, Germany PMI Manufacturing fell from 44.7 to 44.0, a 35-month low. PMI Services rose from 53.7 to 55.7, a 12-month high. PMI Composite rose from 52.6 to 53.9, a 12-month high.
France PMI Manufacturing dropped from 47.3 to 45.5, a 35-month low. PMI Services rose from 53.9 to 56.3, an 11-month high. PMI Composite rose from 52.7 to 53.8, also an 11-month high.
