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Investing.com -- The euro zone economy had no significant growth last month, as a weak expansion in the dominant services industry was negated by a continuing decline in manufacturing, according to a survey.
The final composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and viewed as a reliable indicator of overall economic health, remained unchanged at January’s 50.2. This figure is only slightly above the 50 mark, which distinguishes growth from contraction.
The PMI for the services sector fell to a three-month low of 50.6 from 51.3. The manufacturing sector’s downturn showed additional signs of easing last month, as indicated by its PMI released on Monday.
The survey also suggested that it might take some time for the currency union to see a significant increase in growth, as overall demand fell at an accelerated rate. The composite new business subindex dropped to 49.0 from 49.3.
Inflationary pressures in the services sector, which the European Central Bank (ECB) monitors closely, remained high. The prices charged rose at the fastest pace in 10 months, with the index increasing to 54.7 from 53.9.
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