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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 51.5 in April from 51.6 in March. Analysts had expected the index to increase to 51.8.
Output in the manufacturing sector was moderate, new orders improved slightly, while input prices fell.
Eurozone's preliminary services PMI increased to 53.2 in April from 53.1 in March. Analysts had expected the index to climb to 53.3.
Output in the services sector was moderate, new orders improved slightly, while input prices rose.
"The Eurozone economy remains stuck in a slow growth rut in April, with the PMI once again signalling GDP growth of just 0.3% at the start of the second quarter, broadly in line with the meagre pace of expansion seen now for a full year," Markit's Chief Economist Chris Williamson said.
"A failure of business expectations to revive following the ECB's announcement of more aggressive stimulus in March is a major disappointment and suggests that the modest pace of growth is unlikely to accelerate in coming months," he added.
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