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2012.05.0405:08:00UTC+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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