Tuesday, 22 February 2011

Eurozone private sector activity expanded in February at the strongest pace since July 2006, data from Markit Economics showed Monday. The Markit Flash Eurozone Composite Output Index rose to 58.4 in February from 57 in January.

At the same time, the manufacturing Purchasing Managers' Index came in at 59, the highest level since June 2000 and up from 57.3 in January. Consensus forecast called for a reading of 57. Likewise, the services PMI advanced to 57.2 from 55.9. The index stayed above the expected level of 56.
"With output rising at the strongest rate for nearly five years, GDP growth is likely to have accelerated sharply from the disappointing 0.3% increase seen in the final quarter of last year," said Chris Williamson, chief economist at Markit.

Source: RTTNews