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Surveys hint at eurozone revival
The eurozone may have passed the worst of its recession, according to reports on the region''s services and manufacturing sectors.
Markit''s Eurozone Flash Services Purchasing Managers Index (PMI) reached 44.7 this month, up from 43.8 in April, marking the third consecutive month of improvement and its highest level since October.
Meanwhile, the Flash Manufacturing PMI reached a seven-month high of 40.5, rising from April''s figure of 36.8.
"We have clear signals that the worst of the recession is probably over, but the figures also suggest that the recession will not end anytime soon," said Juergen Michels from Citigroup.
He added: "For the second quarter we will probably see a decline in GDP of around 0.6 to 0.7 per cent."
There was further good news for the eurozone today (May 22nd) as the euro continued to advance against the dollar.
The currency reached $1.3964 in morning European trading after finishing at $1.3889 in New York yesterday.
