3/3, 10:00 AM (Source: TeleTrader)
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Euro area private sector activity expands in February

Activity in the euro area's private sector economy expanded in February compared to the previous month, as indicated by the latest data released by IHS Markit on Wednesday. The IHS Markit Eurozone PMI Composite Output Index was reported at 48.8 in February, up from January’s reading of 47.8 and higher than projected earlier.

Meanwhile, the euro area's service sector remained in contraction as the headline index was reported at 45.7. The index is slightly higher than January's recording of 45.4.

"A fourth successive monthly drop in business activity puts the eurozone economy on course for a double-dip recession, though an easing in the rate of decline underscores how the latest downturn appears far less severe than the initial hit from the pandemic last year," chief business economist at IHS Markit, Chris Williamson, commented on the latest survey.

Breaking the News / JC