RTTN:Eurozone Feb. Services PMI Falls Less Than Estimated
An indicator of Eurozone's service sector activity declined in February, but the rate of fall was less steeper than estimated earlier, detailed results of a survey by Markit Economics showed Tuesday.
The services activity index rose to 47.9 in February from 48.6 in January. The flash reading was 47.3. An index reading below 50 indicates contraction of the sector.
The composite output index, that gauges the performance of both manufacturing and service sectors, fell to 47.9 from 48.6 in the previous month. This was higher than the flash reading of 47.3.
Inflows of new orders fell at a faster rate, albeit slightly less than the flash estimate had signalled. While new business fell at a sharper rate in services, manufacturers reported the smallest drop in new orders since June 2011.
In Eurozone private sector, firms cut headcounts for the fourteenth month running, survey showed.
