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Eurozone PMI survey 'shows underlying improvement' | Eurozone PMI survey 'shows underlying improvement' |
(about 4 hours later) | |
Eurozone business activity grew at its fastest pace in more than two years in September, according to a closely-watched survey. | Eurozone business activity grew at its fastest pace in more than two years in September, according to a closely-watched survey. |
The Markit composite purchasing managers' index - which includes manufacturing and services - rose to 52.1 points, from 51.5 in August. | The Markit composite purchasing managers' index - which includes manufacturing and services - rose to 52.1 points, from 51.5 in August. |
A number higher than 50 indicates growth. | A number higher than 50 indicates growth. |
"These surveys show a real underlying swell of improvement, " said Chris Williamson, chief economist at Markit. | "These surveys show a real underlying swell of improvement, " said Chris Williamson, chief economist at Markit. |
"It's all looking very positive," he added. | "It's all looking very positive," he added. |
The pace of growth beat average analyst expectations. | The pace of growth beat average analyst expectations. |
Business activity in Germany, Europe's largest economy, grew at its fastest rate for eight months, while in France, the bloc's second biggest economy, activity increased - albeit marginally - for the first time in more than a year and a half. | Business activity in Germany, Europe's largest economy, grew at its fastest rate for eight months, while in France, the bloc's second biggest economy, activity increased - albeit marginally - for the first time in more than a year and a half. |
"It is particularly encouraging to see the business situation improved across the region," said Mr Williamson. | "It is particularly encouraging to see the business situation improved across the region," said Mr Williamson. |
Manufacturing helped drive the overall rise in business activity, with the three months to September marking the sector's strongest quarter of growth for more than two years. | Manufacturing helped drive the overall rise in business activity, with the three months to September marking the sector's strongest quarter of growth for more than two years. |
The data provides further evidence of the eurozone's exit from recession. The bloc's GDP grew by 0.3% in the second quarter of 2013. | The data provides further evidence of the eurozone's exit from recession. The bloc's GDP grew by 0.3% in the second quarter of 2013. |
Employment across the eurozone continued to fall, but saw its smallest drop for 18 months. | Employment across the eurozone continued to fall, but saw its smallest drop for 18 months. |
European Central Bank president Mario Draghi warned last week that the eurozone economy remained "fragile", and unemployment was "still far too high". | European Central Bank president Mario Draghi warned last week that the eurozone economy remained "fragile", and unemployment was "still far too high". |
"It is reassuring that the rate of job losses eased to only a very modest pace, suggesting that employment could start rising again soon," Mr Williamson said. | "It is reassuring that the rate of job losses eased to only a very modest pace, suggesting that employment could start rising again soon," Mr Williamson said. |
Philip Shaw at Investec said the data suggested that the recovery in the eurozone economies was gaining some traction: "[The PMI numbers] are reasonably encouraging and suggest momentum is beginning to build, albeit slowly." |
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