The pace of growth of the Eurozone’s manufacturing PMI slowed to 51.1 in September from previous record of 51.4 in August, while the flash services PMI was seen advancing to an unexpected 52.1, according to the preliminary Purchasing Managers’ Index (PMI) data from Markit Economics.
The flash PMI Composite advanced to 52.1 in September from previous recorded 51.5 in August. Eurozone manufacturing rose above the 50-level for the third month in a row, assisted by strong performance by some of the largest economies in Europe.
“An upturn in the euro zone 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”, Chris Williamson, chief economist at Markit, said on Monday.
“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.
Germany PMI
In Germany, the PMI for the country’s manufacturing sector edged 51.3 higher in September, a preliminary report by Markit Economics confirmed. The report shows the reading of 51.8 in August, came in below analysts’ forecasted 52.0.
France Activities
In France, the activities in French manufacturing slowed in September as the preliminary figure compiled by Markit Economics confirmed, while the service sector showed an improvement.
France Manufacturing PMI rose slightly to 49.5 in September, from the previously recorded 49.7 in August. The services PMI rose from 48.9 in August to 50.7 September.
“A return to expansion for the service sector counterbalanced a weaker manufacturing performance, but new business trends were broadly flat across both sectors,” Jack Kennedy, Senior Economist at Markit said.
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