Growth in euro-area manufacturing and services slowed in April in a sign that bond purchases by the European Central Bank (ECB) will take time to revive a fragile recovery.

A Purchasing Managers Index (PMI) for both industries fell to 53.5 from 54 in March, London-based Markit Economics said on Thursday. While the reading remains well above the 50-point mark that divides expansion from contraction, it is below the 54.4 forecast by economists in a Bloomberg survey.

“The weaker rate of expansion is a big disappointment, given widespread expectations that the ECB's quantitative easing will have boosted the fledgling recovery seen at the start of the year,” said Chris Williamson, chief economist at Markit. “However, it's too early to draw firm conclusions about whether growth is faltering again and the effectiveness of policy.”