(RTTNews) - The final Markit Eurozone composite output index rose to 53 in October from 51.1 in September, survey data released by the Markit Economics showed Wednesday. That matched economists’ expectations. A PMI reading above 50 suggests expansion in activity.

The latest PMI figure signal an expansion of private sector goods and services output for the third month running and the fastest rate of increase since December 2007, the Markit said.

“Surging growth in France helped propel the Eurozone recovery in October,” Markit Chief Economist Chris Williamson said.

The services purchasing managers’ index climbed to 52.6 in October, higher than the flash reading of 52.3 and the September reading of 50.9. It was the second consecutive monthly increase in activity and was the strongest gain since December 2007.

On November 2, Markit said Eurozone manufacturing activity rose for the first time in seventeen months in October. The PMI rose 50.7 from September’s 49.3.

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Posted in Categories: Economy, Eurozone, Releases.

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