Saturday, March 28, 2009Latest Procurement News
Posted: Wednesday, March 25, 2009, 9:23AM
Eurozone business activity bounces back
Business activity in the Eurozone unexpectedly bounced back during March despite the continuation a rise in unemployment.
A Markit flash Eurozone Purchasing Managers Index for the dominant service sector rose to 40.1 in March, still significantly below the 50 mark, above which is counted as economic growth. However, it represents an improvement on February's 39.2 and well above the expected result of 39.0.
"After some volatility at the beginning of the year, the eurozone PMIs seem to have found a bottom around a very depressed level while - unsurprisingly - labour market and price indices continue hitting fresh lows," said Marco Valli at UniCredit MIB.