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Financial News: Eurozone Private Sector Grows At Slower Pace In

Eurozone Private Sector Grows At Slower Pace In October

10/24/2017 - 05:38:00 (RTTNews)

(RTTNews) - The euro area private sector expanded strongly in October but the pace of growth slowed from September, flash survey data from IHS Markit showed Tuesday.

The flash composite output index fell more-than-expected to 55.9 in October from 56.7 a month ago. The score was forecast to drop marginally to 56.5.

After signaling a 0.7 percent increase in GDP in third quarter, the pace of expansion looks to be staying around this mark as the year draws to a close, Andrew Harker, an associate director at IHS Markit, said.

The services Purchasing Managers' Index came in at 54.9 in October, down from 55.8 in the previous month. Economists had forecast the indicator to remain stable at 55.8.

Meanwhile, the factory PMI rose unexpectedly to an 80-month high of 58.6 from 58.1 in September. The reading was expected to decline to 57.7.

The big-two eurozone economies of France and Germany drove growth during October, comfortably outperforming the rest of the single-currency area.

France logged the sharpest rise in output since May 2011, while growth in Germany remained strong despite easing slightly.

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