Business activity in the euro area fell at the slowest rate for eight months in February, according to provisional PMI® survey data, as a stabilisation of output in the service sector offset a further steep downturn in manufacturing. Business confidence about the year ahead improved, hitting a ten-month high and encouraging firms to raise staffing levels at a pace not seen since last July, adding to signs that the eurozone’s downturn is moderating. By country, a deepening contraction in Germany and sustained output fall in France were countered by faster growth in the rest of the region. Supplier delivery times ... (full story)