Service sector activity in the euro zone bounced back in February from a four-and-a-half year low in January, according to a survey of business leaders published today.
The NTC Research service sector purchasing managers index (PMI) rebounded in February 52.3 points from 50.6 points the previous month, in line with an initial estimate.
The January slump brought the index perilously close to the 50-point mark, below which the vast services sector economy is considered to be contracting.
Despite the February improvement, economists noted that it still represented slowing activity looking back over the past months because as recently as December the index had stood at 53.1.
