Private sector business activity in the euro zone grew in September with manufacturing and services each gaining on initial estimates, a closely-watched survey showed today.
The final purchasing managers' index (PMI) for the euro zone, compiled by data and research group Markit, rose to 51.1 points from 50.4 in August when it ended 14 months of decline. The flash estimate pegged it at 50.8.
The services index rose from 49.9 points to 50.9, beating the 50.6 flash figure and topping the crucial 50-point boom-or-bust line to indicate a return to growth in this segment for the first time in 16 months.
The survey said that France and Germany continued to expand which, combined with slower rates of decline in Italy and Spain, raised hopes of a tentative return to growth across the euro zone for the third quarter.
It also noted that the rate of job losses was 'now running at around 100,000 per month compared to a peak of about 367,000 per month earlier in the year.'
