Euro-Area Services Output Declines More Than Estimated: Economy

Euro-area services output shrank more than estimated in February, led by Italy and Spain, as the region’s economy struggled to rebound from a contraction in the fourth quarter.

An index based on a survey of purchasing managers in the services industry dropped to 48.8 from 50.4 in January, London-based Markit Economics said on its website today. That’s below an initial figure of 49.4 published on Feb. 22. A reading below 50 indicates contraction.