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Spain’s industrial production (Jan, y/y) rose +0.3% (vs +1.7% expected; prior -0.3%). Output moved back into positive territory, but the undershoot versus forecasts suggests the rebound remains fragile.

Source: INE (Spain)

Switzerland’s unemployment rate (Feb, n.s.a.) held at 3.2% (unchanged). The seasonally adjusted rate edged up to 3.0% (vs 2.9% expected; 2.9% prior), hinting at marginal softening beneath the stable headline.

Source: SECO

France’s industrial production (Jan, m/m) rose +0.5% (vs +0.4% expected; +0.5% prior), matching the prior gain and signaling steady momentum in factory output to start the year.

Source: INSEE

Eurozone PPI (Jan, y/y) came in at -2.1% (vs -2.7% expected; -2.0% prior), showing producer-price deflation is less severe than forecast. On the month, PPI rose +0.7% m/m (vs +0.2% expected; prior -0.3%), a sharp turnaround that may reflect higher input costs (including energy) feeding through.

Source: Eurostat

The euro area unemployment rate (Jan) improved to 6.1% (vs 6.2% expected; 6.2% prior), reinforcing a resilient labor-market backdrop even as growth remains uneven.

Source: Eurostat

The UK’s S&P Global Composite PMI (Feb) slipped to 53.7 (vs 53.9 expected; 53.9 prior). The Services PMI held at 53.9. The data suggest the economy is still expanding, but with slightly softer overall momentum.

Source: S&P Global / CIPS

Italy’s unemployment rate (Jan) fell to 5.1% (vs 5.6% expected; 5.5% prior), a strong upside surprise for the labor market.

Meanwhile, Q4 GDP was revised/printed slightly higher on the quarter: +0.3% q/q (vs +0.3% expected; +0.2% prior) and +0.8% y/y (in line with expectations; +0.7% prior), pointing to a modest growth improvement into year-end.

Source: ISTAT

The HCOB Eurozone Services PMI (Feb) rose to 51.9 (vs 51.8 expected; 51.8 prior). The Eurozone Composite PMI held at 51.9, indicating the region remains in modest expansion, led by services.

Source: HCOB / S&P Global

Germany’s HCOB Services PMI (Feb) rose to 53.5 (vs 53.4 expected; 53.4 prior). The Composite PMI increased to 53.2 (vs 53.1 expected; 53.1 prior), reinforcing a solid expansion signal.

Source: HCOB / S&P Global

France’s HCOB Services PMI (Feb) held at 49.6 (unchanged), remaining below 50 and signalling ongoing contraction. The Composite PMI also stayed sub-50 at 49.9, pointing to the broader economy still hovering in mild contraction.

Source: HCOB / S&P Global

Italy’s HCOB Services PMI (Feb) eased to 52.3 (vs 52.6 expected; 52.9 prior), signalling expansion continues but momentum softened.

The HCOB Composite PMI rose to 52.1 (prior 51.4), implying broader activity improved even as services cooled a touch.

Source: HCOB / S&P Global

Spain’s HCOB Services PMI (Feb) eased to 51.9 (vs 52.9 expected; 53.5 prior). The index remains above 50, meaning service activity is still expanding, but the miss points to slower momentum versus January.

Source: HCOB / S&P Global