Area dell'Euro Pmi Composite

The HCOB Eurozone Composite PMI rose to 54.1 in April of 2023 from 53.7 in the previous month, below preliminary estimates of 54.4 but enough to reflect the fastest pace of growth in 11 months. Growth was solely supported by the services sector (56.2 vs 55 in March), driven by sharp increases for Italy and Spain, and offsetting the tenth consecutive contraction for the manufacturing sector (45.8 vs 47.3). Aggregate new business rose at the aggregate level for the third straight month, also solely due to the services sector, as strong domestic sales offset the drop in export orders to a 14-month low. Notably, business activity continued to outpace new orders as European firms cleared their backlogs. In the meantime, employment in the bloc rose to a near 1-year high. On the price front, inflationary pressures continued to subside, although they remained high on historical standards. While firms remained optimistic over the next year, the degree of positivity fell to a three-month low.