Euro-Area Services Output Contracts Less Than Estimated

European services output shrank less than initially estimated in January, adding to signs the currency bloc’s economy may be beginning to emerge from a recession.

An index based on a survey of purchasing managers in the services industry rose to 48.6 from 47.8 in December, London-based Markit Economics said in a report today. That’s above an initial estimate of 48.3 published on Jan. 24. A reading below 50 indicates contraction. The gauge has been below that mark for 12 months.