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4/22, 10:02 AM (Source: TeleTrader)
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Eurozone manufacturing output at 22-month-low in April

The Eurozone's Purchasing Managers' Index (PMI) Composite Output Index, which calculates the performance made jointly by the services and manufacturing sectors, rose in April in comparison to March, coming in at 55.8, its seven-month high, S&P Global said in its preliminary report published on Friday.

The euro area's Services PMI Activity Index also observed a monthly growth, going up to its 8-month-high level of 57.7. Meanwhile, the manufacturing sector underperformed significantly, with the Output Index falling to its 22-month low of 50.4, and the Manufacturing PMI to its 15-month low of 55.3.

"The Eurozone has [...] started the second quarter on a stronger than anticipated footing, confounding consensus expectations of a slowdown. However, the weakness of the manufacturing sector is a major concern as it points to an economy that is not firing on all cylinders. Similarly, the ever-rising cost of living suggests that service sector growth could cool sharply once the initial rebound from the opening up of the economy fades," Chris Williamson, Chief Business Economist at S&P Global, remarked.

Baha Breaking News (BBN) / JR