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Financial News: Eurozone Private Sector Growth Robust In August

Eurozone Private Sector Growth Robust In August

08/23/2017 - 04:32:00 (RTTNews)

(RTTNews) - Eurozone private sector activity maintained strong growth momentum in August, underpinned by strong expansion in the manufacturing output, flash survey data from IHS Markit showed Wednesday.

The flash composite output index rose slightly to 55.8 in August from 55.7 in July. Meanwhile, economists had expected the index to fall to 55.4.

Any reading above 50 indicates expansion in the sector.

The flash manufacturing PMI climbed to 57.4 in August from 56.6 in July. In contrast, it was forecast to decline to 56.3.

At the same time, the services Purchasing Managers' Index dropped to a 7-month low of 54.9 in August from 55.4 in July. The index was expected to remain stable at 55.4.

"Overall, this is another positive set of numbers for the euro area, which continues to enjoy its best growth spell for a number of years, " Andrew Harker, Associate Director at IHS Markit, said.

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