Business activity in Italy’s services economy rose at the slowest rate for 13 months in March, reflecting a weakening of new business growth. Employment increased only marginally as companies recorded the steepest drop in backlogs of work since December 2014. The headline Markit/ADACI Business Activity Index dropped from February’s 53.8 to 51.2 in March. That was its lowest reading since February 2015, and one that was indicative of only a modest rate of expansion overall.

In the US session Trade Balance, Non-Manufacturing PMI and JOLTS Job Openings figures were published. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced that the goods and services deficit was $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports.

The Non-Manufacturing PMI registered 54.5 percent in March, 1.1 percentage points higher than the February reading of 53.4 percent. Smaller increase to 54.5 was expected. This represents continued growth in the non-manufacturing sector at a slightly faster rate. The majority of respondents’ comments indicate that business conditions are mostly positive and that the economy is stable and will continue on a course of slow, steady growth.

Job openings were little changed at 5.4 million in February. The job openings rate was 3.7%. The number of job openings was little changed in February for total private and for government. Job openings increased in educational services (+48,000) and federal government (+19,000) but decreased in health care and social assistance (-147,000), finance and insurance (-54,000), and mining and logging (-8,000). Job openings edged up in construction (+36,000) and edged down in durable goods manufacturing (-19,000).

There will be no major data releases both from Eurozone and USA tomorrow, so we can expect a bit steadier session.