23 September 2013 10:39 [Source: ICIS news]
LONDON (ICIS)--London-headquartered analyst Markit said on Monday that its flash eurozone purchasing managers' index (PMI) composite output figure indicates that the economic recovery is gathering pace.
The index has risen to a 27-month high of 52.1 in September from 51.5 in August, according to the firm.
The rise, which was the sixth consecutive increase recorded by Markit, was not mirrored by the flash eurozone manufacturing PMI figure, which edged down to a two-month low of 51.1 in September from August's 51.4. On the PMI scale, anything below 50.0 signifies economic contraction.
The company noted that September rounded off the strongest quarterly expansion in composite output since the second quarter of 2011, with new business orders growing at the fastest rate since June of that year.
Markit chief economist Chris Williamson said, “An upturn in the Eurozone PMI in September rounds off the best quarter for over two years, and adds to growing signs that the region is recovering from the longest recession in its history.
“It is particularly encouraging to see the business situation improved across the region. Although the upturn continued to be led by Germany, France saw the first increase in business since early-2012 and elsewhere growth was the strongest since early-2011,” he added.
Although eurozone employment continued to fall, it was reassuring that the rate of job losses eased to only a very modest pace, suggesting that employment could start rising again soon, Williamson said.
The flash Germany PMI composite output index hit an eight-month high of 53.8 in September, against 53.5 in August, while the flash Germany manufacturing PMI fell to a two-month low of 51.3 from 51.8.
The flash France PMI composite output index reached an economic expansion level of 50.2 in September, against the contraction level of 48.8 in August, while the flash France manufacturing PMI dropped to a four-month low of 47.8 from 48.5.
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