Tuesday, April 23, 2013

Euro zone slump moderates but German worries appear: PMIs

A sharp drop in German business activity overshadowed an easing downturn in France in April, surveys showed on Tuesday, raising concerns over a further economic contraction in the euro zone.

Markit's flash euro zone services PMI, an early gauge of business activity each month, rose to 46.6 in April from 46.4 in March, below the 50 line that divides growth from contraction but matching the forecast of economists.

Survey compiler Markit cautioned against taking the rise as a clear sign the region's recession has bottomed out, pointing to a surprise decline in German companies that form the backbone of the euro zone economy.

http://www.reuters.com/article/2013/04/23/us-poll-euro-zone-idUSBRE93M0AA20130423