(RTTNews) - The Eurozone private sector economy showed signs of broad stabilization as the Purchasing Managers’ Index hit the threshold level for August. A return to growth in manufacturing output and slowing rate of contraction in the service sector led to the stabilization.
The Flash Eurozone Composite Output Index rose to 50 in August from 47 in July, a survey from the Markit Economics showed Friday. Economists had expected the index to edge up to 48 in August. The latest reading marked the end to a fourteen-month stretch below the no-change mark of 50.
A reading above 50 indicates an expansion in the private sector activity, while a level below 50 suggests contraction.
Since its record low witnessed in February, the headline reading improved for each of the last six months. The increase seen in August was the greatest in the series history.
The Flash Purchasing Managers’ Index for the manufacturing sector stood at its 14-month high of 47.9 in August, rising from 46.3 in July. The expected reading was 47.5.
Meanwhile, the services PMI came in at 49.5, up from 45.7 in July. The services activity index posted its highest reading in the current fifteen-month sequence of contraction and stood above the expected 46.5.
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