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Posted on : Wednesday 17th June 2020 05:28 PM

Survey Shows Eurozone Economy Loses More Momentum in April

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A carefully watched survey is showing that the 19-country eurozone economy lost further momentum in April.


Financial information firm IHS Markit said Monday that its composite purchasing managers index — an extensive gauge of economic activity — fell modestly to 51.5 in April from 51.6 in May. Although the index stays over the 50 no-change mark, it is leading to relatively lackluster quarterly growth of 0.2%.


A more comprehensive study of the monthly survey, which is overseen by rate-setters at the European Central Bank, showed the manufacturing sector in its steepest downturn since 2013 and on the whole growth held up by the services sector.


The eurozone has been hobbled by soaring trade tensions between the United States and China, higher oil prices and uncertainty over Britain's imminent exit from the European Union.


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