Eurozone Sept. Composite Output Index At 16-Month High

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Tuesday, Eurozone composite output index increased to 50.8 in September from 50.4 in August, a flash report from the Markit Economics said on Wednesday. This was the highest reading in sixteen month. Economists expected a reading of 51.3 for September.

A reading above 50 indicates expansion, while a reading below 50 signals contraction.

The Purchasing managers index or PMI for manufacturing increased to 49 in September from 48.2 in August. Economists were looking for a reading of 49.7.

Similarly, the services PMI rose to 50.6 in September from 49.9 in August. Economists expected a reading of 50.5. In contrast, the manufacturing output index dropped to 51.2 in September from 51.3 in August.

Chris Williamson, Chief Economist at Markit said, "The flash PMIs for September round off the strongest quarter since Q2 of last year, suggesting that the Eurozone economy stabilized in Q3. Robust manufacturing inventory ratios and service sector confidence suggest we could see an even better performance in Q4."

Tuesday, Eurozone composite output index increased to 50.8 in September from 50.4 in August, a flash report from the Markit Economics said on Wednesday. This was the highest reading in sixteen month. Economists expected a reading of 51.3 for September. (Market News Provided by RTTNews)