The Eurozone recovery gathered steam in September and employment may be poised for a turnaround, according to the Markit Purchasing Managers' Index (PMI) data published for the region on Monday.
The Markit Eurozone PMI Composite index hit a 27-month high, signaling the largest rise in activity since June 2011. It rose to 52.1, from August's reading of 51.5, beating the consensus forecast of 51.9.
Markit noted that business activity has now risen for three consecutive months and that September rounded off the strongest quarterly expansion since the second quarter of 2011.
Worth noting, the PMI manufacturing indicator actually dropped slightly from 51.4 to 51.1, missing expectations for an increase to 51.7. Readings above 50 imply an expansion in the sector.
Also on the negative side, employment continued to fall although the decline was the smallest since employment began falling in January 2012.
"It is particularly encouraging to see the business situation improved across the region," Markit Chief Economist Chris Williamson said, adding that even though Germany continued to lead the recovery, the euro area's second largest economy France saw the first increase in business "since early 2012 (while) elsewhere growth was the strongest since early-2011".
Williamson noted the continued drop in employment but found it "reassuring that the rate of job losses eased to only a very modest pace, suggesting that employment could start rising again soon".
In any case, Williamson admitted that the overall growth rate remained "modest" .
Source: LiveCharts
The Markit Eurozone PMI Composite index hit a 27-month high, signaling the largest rise in activity since June 2011. It rose to 52.1, from August's reading of 51.5, beating the consensus forecast of 51.9.
Markit noted that business activity has now risen for three consecutive months and that September rounded off the strongest quarterly expansion since the second quarter of 2011.
Worth noting, the PMI manufacturing indicator actually dropped slightly from 51.4 to 51.1, missing expectations for an increase to 51.7. Readings above 50 imply an expansion in the sector.
Also on the negative side, employment continued to fall although the decline was the smallest since employment began falling in January 2012.
"It is particularly encouraging to see the business situation improved across the region," Markit Chief Economist Chris Williamson said, adding that even though Germany continued to lead the recovery, the euro area's second largest economy France saw the first increase in business "since early 2012 (while) elsewhere growth was the strongest since early-2011".
Williamson noted the continued drop in employment but found it "reassuring that the rate of job losses eased to only a very modest pace, suggesting that employment could start rising again soon".
In any case, Williamson admitted that the overall growth rate remained "modest" .
Source: LiveCharts
