The euro-zone economy continued to expand for a ninth-straight month in
March, according to Markit's preliminary purchasing managers' index out
on Monday. The "flash" composite PMI came in at 53.2, down slightly from
February's 32-month high of 53.3, but remaining in expansion territory.
Economists expected a slight rise to 53.4, according to FactSet.
New-order growth accelerated to the fastest pace since May 2011, while
the increase in backlogs of work was the biggest since June 2011. In
another sign of the euro-zone economic recovery, employment rose for a
second month, providing the first signs of job creation since end of
2011, Markit said. The manufacturing PMI slipped to 53 from 53.2, while
the services index fell to 52.4 from 52.6 in February. Chris Williamson,
chief economist at Markit, said in the release that euro-zone
policy-makers should be encouraged by the data, but that concerns about
low inflation persist. "With prices charged by manufacturers and service
providers both falling again in March, there remains an argument for
further stimulus, especially if the rate
of growth of activity cools again in April
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