Euro zone private sector growth was higher than was forecast
Reuters.com – 22/08/13
According to surveys released on Thursday, activity in the business sector across the euro zone grew this month at a faster pace than was expected, primarily led by Germany’s growing demand for exports. Survey complier, Markit, recorded a Flash Composite PMI for the private of 51.7, rising from last month’s 50.9. This is the highest reading recoded since July 2011, and beat all predictions.
While business grew in the euro zone as a whole, France was a different story as business slowed down for the summer. However, Markit’s PMI (Purchasing Managers’ Index) which surveys thousands of companies across the euro zone and is used as an indicator of growth, suggested that in the current quarter there is 0.2 to 0.3 percent economic expansion. Read More