The euro area’s economic recovery progressed further at the start of the second quarter, according to the latest HCOB PMI® surveys, as overall business activity growth accelerated to an 11-month high. The expansion was once again driven by the service sector, which saw output levels improve solidly and at a slightly faster rate than seen on average since data were first collected in 1998. Increased inflows of new business supported higher activity and the quickest pace of job creation for ten months, while business confidence remained strong. However, inflationary pressures intensified during April. The seasonally ... (full story)