Investing.com – The euro zone's services sector grew less than initially projected in February, data showed on Thursday.
In a report, the market research group, Markit said the final euro zone services business activity index fell to 56.8 in February, following a preliminary estimate of 57.2.
Analysts had expected the index to remain unchanged from a preliminary estimate of 57.2.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
According to the data, business activity has increased steadily throughout the past one-and-a-half years, with the latest increase again led by France and Germany. Meanwhile, Ireland expanded at the fastest pace for seven months, while Italy and Spain returned to expansion following slight contractions in January.
February saw higher costs for energy, fuel and purchased goods drive input price inflation to its steepest rate since September 2008. Germany, France, Spain and Ireland all saw input prices rise at the quickest rates in around two-and-a-half years.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.11% to hit 1.3849.
Meanwhile, European stock markets were higher. The EURO STOXX 50 gained 0.4%, France’s CAC 40 added 0.46%, the FTSE 100 increased 0.41%, while Germany's DAX was up 0.44%.
In a report, the market research group, Markit said the final euro zone services business activity index fell to 56.8 in February, following a preliminary estimate of 57.2.
Analysts had expected the index to remain unchanged from a preliminary estimate of 57.2.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
According to the data, business activity has increased steadily throughout the past one-and-a-half years, with the latest increase again led by France and Germany. Meanwhile, Ireland expanded at the fastest pace for seven months, while Italy and Spain returned to expansion following slight contractions in January.
February saw higher costs for energy, fuel and purchased goods drive input price inflation to its steepest rate since September 2008. Germany, France, Spain and Ireland all saw input prices rise at the quickest rates in around two-and-a-half years.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.11% to hit 1.3849.
Meanwhile, European stock markets were higher. The EURO STOXX 50 gained 0.4%, France’s CAC 40 added 0.46%, the FTSE 100 increased 0.41%, while Germany's DAX was up 0.44%.