04.05.201205:08:00UTC+00Ez Services Sector Declines Sharply Than Earlier, Economy Worsens in April - Pmi
EZ services PMI final reading came at 46.9, a decline from flash 47.9, weaker than expectations, marking steepest downward revision since Oct 2008
Market said "Growth has practically ground to a halt even in Germany, and France has joined Italy and Spain in seeing a strong rate of economic decline."
The services employment index declined to 48.3 from 49.4 in March. Euro zone unemployment hit 10.9 percent in March
New business, backlogs of work and input and output prices all showed significant downward revisions from their respective initial readings
April's final composite PMI also witnessed cut from its preliminary reading - to 46.7 from 47.4
It also showed a steep drop in order books and its new business index hit 44.8 compared with 47.6.
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