Eurozone order books point to stronger growth
Fresh survey data suggests that the pace of Eurozone expansion is higher than expected.
Markit's purchasing managers' index (PMI) rose from 51.5 to 52.2, above analyst expectations of an increase to 52.1. Any number above 50 implies expansion.
Markit's chief economist, Chris Williamson, says that the number "confirms the message from the earlier flash reading that the Eurozone enjoyed its strongest quarter of expansion for just over two years in the third quarter".
For Eurozone services alone, PMI rose from 50.7 to 52.2, beating economist forecasts of a jump to 52.1. But the results are mixed – even among the large economies. Spanish services are contracting again, while Italy's service sector posted a thumping result.
- Miss: Spanish services PMI fell from 50.4 to 49.0 (51.0 expected)
- Beat: Italian services PMI rose from 48.8 to 52.7 (49.1 expected)
- Beat: French services PMI from 48.9 to 51.0 (50.7 expected)
- Miss: German services PMI rose from 52.8 to 53.7 (54.4 expected)