Euro-Area Services Output Contracts More Than Estimated

Euro-area services output contracted more than initially estimated in March as the economy struggled to pull out of the recession.

An index of services activity based on a survey of purchasing managers in the industry declined to 46.4 last month from 47.9 in February, London-based Markit Economics said today. That’s below an initial estimate of 46.5 published on March 21. A reading below 50 indicates contraction.