Euro-zone flash PMI rises to 26-month high
LONDON (Marketwatch) — The euro-zone recovery continued to gain momentum in August, with the region seeing its largest monthly increase in business activity for over two years. Data from Markit showed on Thursday that the preliminary composite purchasing managers’ index climbed to a 26-month high of 51.7 in August, up from 50.5 in July. A reading above 50 signals expansion. The manufacturing PMI rose to 51.3 from 50.3, also marking a 26-month high. Analysts expected the composite index to come in at 50.9 and the manufacturing reading to climb to 50.7. “So far, the third quarter is shaping up to be the best that the euro area has seen in terms of business growth since the spring of 2011. The economic picture from the surveys is therefore
coming into line with policymakers’ expectations of a modest yet still fragile return to growth,” said Chris Williamson, chief economist at Markit.
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