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Financial News: Eurozone Private Sector Continues To Expand

Eurozone Private Sector Continues To Expand

08/23/2018 - 04:17:00 (RTTNews)

(RTTNews) - The euro area private sector continued to expand in August, albeit with the rate of expansion remaining one of the weakest seen over the past year-and-a-half, flash data from IHS Markit showed Thursday.

The composite output index rose marginally to 54.4 in August from 54.3 in July. But the score was slightly below the forecast of 54.5.

The services Purchasing Managers' Index also came in at 54.4, up from 54.2 a month ago. The score came in line with expectations.

Meanwhile, the manufacturing PMI fell unexpectedly to a 21-month low of 54.6 from 55.1 in July. The reading was expected to rise slightly to 55.2.

Within the eurozone, growth accelerated in France and Germany but slowed across the rest of the single-currency area.

Chris Williamson, chief business economist at IHS Markit said, "The survey data indicate that the eurozone economy looks to have continued to grow at a steady rate in August, raising hopes that the third quarter could see GDP growth match the 0.4 percent expansion seen in the second quarter."

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