Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said that there is finally good news again. The eurozone’s services sector is gradually gaining a foothold, with activity stabilizing in February and showing signs of modest growth in March. In particular, growth in new business resumed after an eight-month dry period. This favourable trend is expected to continue as wages grow faster than inflation, thereby increasing the purchasing power of households. As a result, individuals are more inclined to eat out, travel, and spend money on other services. However, a full-fledged boom has yet to emerge. Despite the temporary economic weakness, service providers have not stopped hiring more employees. Job growth has been markedly strong over the past two months, indicating a high level of optimism within the sector. In fact, business expectations have soared again, rising to their highest level in more than two years and above the long-term average.
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