Eurozone Aug. Composite PMI Rises More Than Expected

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The Markit Flash Eurozone Composite Output Index rose to 50 in August from 47 in July, a survey from Markit Economics showed Friday. Economists had expected the index to rise to 48 in August. This ended a fourteen-month sequence below the no-change mark of 50.

The Flash Purchasing Managers' Index for the manufacturing sector stood at a 14-month high of 47.9 in August compared to 46.3 in July. Meanwhile, the services PMI rose to a 15-month high of 49.5 versus 45.7 in July. The expected reading for manufacturing PMI was 47.5 and that for services was 46.5.

Rob Dobson, Senior Economist at Markit said, "PMI data are signaling that the unprecedented downturn has been followed by an historically rapid rebound that positions the Eurozone to post growth of GDP in the third quarter."

The Markit Flash Eurozone Composite Output Index rose to 50 in August from 47 in July, a survey from Markit Economics showed Friday. (Market News Provided by RTTNews)