Eurozone private sector productivity decreased for the fourth month running in February, but the pace of contraction eased and was moderate. As has been the case since last October, growth in the manufacturing industry compared with losses in the service economy.
Although France and Italy continued to see deteriorations in aggregate workforce efficiency, rates of reduction softened in both cases. While growth was sustained in Germany, a further slowdown was noted.
Goods producers in the eurozone noted a sharp increase in production during February. Payroll numbers rose slightly, ending a 21-month sequence of contraction. Concurrently, productivity expanded for the eighth straight month, with growth remaining marked despite easing to the second-slowest over this sequence.