Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed.
private-sector economic activity, however, fell at its fastest rate in two years in January, another PMI showed, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown.
The PMI covering the bloc's dominant services index also surprised to the upside, coming in at a six-month high of 50.7. It was at 49.8 in December and the Reuters poll had a forecast for 50.2. Factory activity also showed an improvement but did still decline. The manufacturing PMI rose to 48.8 this month from 47.8, ahead of the 48.5 Reuters poll forecast.
Like in the services PMI, the input prices index fell but firms raised their charges at a faster rate. The output prices reading nudged up to 61.4 from 61.2 but was still far lower than it has averaged over much of the last three years.
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