Eurozone private business growth picks up: PMI

Eurozone private business growth picks up: PMI

Data suggests the economy is on track to grow at an annualized rate of just over 2% in the third quarter, IHS Markit said.

The survey also found that the pick-up in business activity had been accompanied by rising price pressures, with input cost and selling price inflation accelerating for the second month in a row.

The euro jumped to 1.99 against the U.S. dollar after output in services and manufacturing jumped to 56.7 in September from 55.7, according to the respected IHS Markit's Flash Composite Purchasing Managers' Index for September. Companies in the services sector slowed some, while manufacturing growth ticked up, IHS Markit wrote in flash results released Friday, Sept. 22, but overall private sector growth increased strongly.

Business activity during September saw one of its strongest gains for the past six years, the survey indicated. Meanwhile, the composite index - which measures activity in both manufacturing and services - rose to 54.6 from 55.3 in August.

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Earlier PMIs from Germany and France showed that activity in the bloc's two largest economies also exceeded the top end of expectations in Reuters polls.

And in France, the latest set of PMI data showed a rise in French private sector output during September. "Indeed, the price indices of the Composite PMI also picked up in September", said Stephen Brown at Capital Economics. The gauge on incoming new business rose to 55.6.

Overall growth rates in September are expected to fall in line with August, which was a seven-month peak. The sector logged the sharpest monthly improvement in business conditions since April 2011. An index measuring output rose to a 61/2-year high of 59.5 from 58.3. The reading was better than economists' projection of 55.6.

Suggesting that the solid pace would be maintained next month, factories built up a surplus of orders at the steepest rate in the sub-index's 15-year history.

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