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Eurozone flash composite PMI hits a 10-month high in October: Markit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/10/2016 (17:41)
According to a flash composite purchasing managers’ index (PMI) released by Markit Economics, manufacturing in the eurozone climbed to a 10-month high in October owing to an upturn in production in Germany. The region’s final PMI rose to a reading of 53.7 in October, posting the fastest rise in business activity on a monthly basis since December of 2015 when compared to September’s reading of 52.6. Any reading above 50 indicates expansion. The Eurozone PMI grew at a faster pace than expected in October. Economists’ forecasts had called for a reading of 52.8 in a survey by Reuters.

Across the region, the flash Germany PMI Composite Output Index posted the strongest reading in three months with a reading of 55.1 in October from 52.8 in September. However, the growth pace of France slowed in October. France’s overall private sector activity grew at a slower pace because of service sector business. According to Markit analysts, the country continues to face significant challenges stemming from the fragile demand situation.

According to Markit, the latest figures pointed to an economic growth rate of 0.4% for the quarter, if maintained.
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