Glimmers of hope that the worst of the eurozone's recession might be over emerged yesterday after a closely-watched survey showed the rapid rate of economic deterioration had eased this month.
An unexpected rise in March's eurozone purchasing managers' indices – regarded as reliable early indicators of trends in activity – provided the strongest clue yet that the rate at which the 16-country economy is contracting had started to slow.
But the survey still showed private-sector output had fallen for the 10th consecutive month. “There are signs that the economy is turning, but it is a long way back to normal business conditions,” said Chris Williamson, chief economist at Markit, which produces the survey.
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