Global| May 05 2004Growth Steady in Euro-Zone Service Sector after Slowing in March
Summary
The Euro-Zone Purchasing Managers Index for the service industries remained basically steady in April at 54.54, compared with March's 54.40. Employment gained, notably, and new business edged higher. But expectations eroded, perhaps a [...]
The Euro-Zone Purchasing Managers Index for the service industries remained basically steady in April at 54.54, compared with March's 54.40. Employment gained, notably, and new business edged higher. But expectations eroded, perhaps a reflection of rising prices. These international PMI surveys are conducted by NTC-Research for Reuters, Inc.
Among the individual countries, Spain rebounded, although it did not recoup fully from March's terror attack-related drop. Activity in Germany and Italy showed modest gains, but lost some ground in France.
Separately, the service sector in Russia advanced in April to 59.43 from 58.67 in March. There were modest improvements in all the components: employment, new business, outstanding business and expectations. At the same time, this gain still left the index, which is compiled by Moscow Narodny Bank, well below the mid-60s range that prevailed last autumn.
| Purchasing Managers Index Percent (>50 = expansion; <50 = contraction) |
Apr 2004 | Mar 2004 | Feb 2004 | Apr 2003 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|---|---|
| Euro Zone Total | 54.54 | 54.40 | 56.22 | 47.68 | 56.36 | 51.58 | 51.63 |
| Employment | 49.53 | 49.26 | 48.17 | 45.75 | 46.91 | 49.35 | 52.48 |
| New Business | 53.60 | 53.58 | 55.47 | 46.38 | 50.85 | 51.24 | 50.11 |
| Business Expectations | 64.24 | 66.07 | 69.79 | 62.57 | 65.09 | 65.74 | 62.08 |
| Germany | 53.30 | 53.16 | 54.14 | 44.60 | 48.49 | 48.62 | 48.87 |
| France | 55.04 | 55.86 | 58.58 | 51.12 | 63.99 | 54.71 | 54.26 |
| Italy | 55.83 | 55.18 | 56.12 | 49.78 | 53.34 | 52.97 | 53.91 |
| Spain | 55.67 | 53.90 | 59.09 | 46.92 | 52.51 | 52.57 | 51.64 |
| Russia | 59.43 | 55.84 | 56.96 | 58.90 | 61.84 | 58.08 | 61.20 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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