Euro zone services activity slumps in April on weak demand, PMI shows

Euro zone services activity contracted in April for the first time in almost a year due to weakening demand and deteriorating export business. S&P Global's Eurozone Services Purchasing Managers' Index slumped to a 62-month low of 47.6 in April from March's 50.2. Demand in the services industry weakened further, declining at the sharpest pace since October 2023, with new export business also deteriorating. Employment in the service sector remained broadly unchanged in April