Eurozone's Private Sector Activity Stable In February

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Eurozone's private sector output growth stable in February, a flash report from the Markit Economics said on Friday.

The composite output index stood at 53.7 in February, unchanged from the previous month. This was the seventh consecutive month of increase in private sector activity. Economists expected a reading of 53.5. A reading above 50 indicates expansion, while below 50 suggests contraction.

The Purchasing Managers Index or PMI for manufacturing increased to 54.1 in February from 52.4 in January. This was the highest reading since August 2007. Economists expected a reading of 52.7.

Similarly, manufacturing output index climbed to 56.9 from 56 in January. The output index increased for the seventh consecutive month in February.

But, the services PMI dropped to 52 in February from 52.5 in January. Economists expected a reading of 52.5. The pace of growth weakened for the second straight month in February and the slowest reading since last September, the Markit said.

Chris Williamson, Chief Economist at Markit said, "A surge in growth of manufacturing, driven by rising exports and inventory rebuilding, offset a worrying slowdown in the already meagre rate of expansion seen in the service sector."

Eurozone's private sector output growth stable in February, a flash report from the Markit Economics said on Friday. (Market News Provided by RTTNews)