European Services, Manufacturing Growth Quickens in April

European services and manufacturing growth unexpectedly accelerated in April, suggesting the region’s economy is weathering surging energy costs and tougher austerity measures.

A composite index based on a survey of euro-area purchasing managers in both industries rose to 57.8 from 57.6 in March, London-based Markit Economics said in a statement today. Economists had projected a drop to 57, the median of 13 estimates in a Bloomberg News survey showed. A reading above 50 indicates growth.