European Services Growth Unexpectedly Accelerated - by Ben Sills
Growth in European service industries from airlines to financial services unexpectedly accelerated in April, lending weight to the European Central Bank's threat to raise interest rates. Royal Bank of Scotland Group Plc said a preliminary estimate of its services index rose to 51.8 from 51.6 in March. Economists expected a decline to 51.4, according to the median of 38 forecasts in a Bloomberg News survey. A reading above 50 indicates expansion. Europe's economy is holding up even as the U.S. teeters on the brink of recession (better still-disaster), forcing the Federal Reserve to cut borrowing costs.
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