The eurozone economy is slowly getting out of its slump. The April PMI shows that the economy is gearing up for an acceleration in activity after a year and a half of broad stagnation. The services sector is doing the heavy lifting in this acceleration of activity. The manufacturing sector continues to signal declining output, although there are some visible signs of bottoming out. Still, expect services to continue to lead the recovery as weak global demand offsets improvements in domestic real wages for eurozone manufacturers. Disruptions in the Red Sea remain a sidenote to the eurozone growth story for the moment. ... (full story)