LONDON (AP) — In another sign that the eurozone economic recovery is gathering steam, a closely-watched survey has found output rose in September at its fastest pace since the summer of 2011.
Financial information company Markit says Thursday its composite purchasing managers index — a broad gauge of business activity across the manufacturing and services sectors — rose to a 27-month high of 52.2 points in September. The increase from 51.5 in August takes the index further above the 50 threshold that indicates expansion.
Markit's survey is the latest in a string of indicators to suggest the economy the 17 European Union countries that use the euro is gathering momentum.
It also helps explain why the European Central Bank opted against doing anything more to shore up the recovery at Wednesday's policy meeting.