Investing.com - Private sector economic activity in the euro zone accelerated in April, according to survey data released on Monday, easing concern over the health of the region's economy.
Markit said that its Flash Euro Zone Composite Output Index, which measures the combined output of both the manufacturing and service sectors, held steady at 55.2 in April, above forecasts for 54.9.
The flash services purchasing managers’ index improved to 55.0 this month from 54.9 in March, beating expectations for a reading of 54.8.
The preliminary euro zone manufacturing purchasing managers’ index inched down to 56.0 this month from a final reading of 56.6 in March.
Analysts had expected the index to remain unchanged at 56.6.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at Markit said, “The April data are running at a level broadly consistent with Eurozone GDP growth of approximately 0.6% at the start of the second quarter."