PMI Data Signals Improvement In Eurozone Recovery: BNP Paribas

(RTTNews) - Survey data for private sector activity indicated that eurozone recovery is gaining momentum, BNP Paribas economist Clemente De Lucia said in a note on Wednesday. The Composite Purchasing Managers’ Index for activity, which combines indices for both manufacturing and services, rose to 53 for October, in line with its flash reading.

GDP, which is very likely to have grown in the third quarter is likely to increase further in the final quarter of the year, the economist wrote. Third quarter data is set to be released in mid-November.

The Services PMI rose to 52.6 and stood above the the 50-mark for the second straight month. “Activity in the sector has been benefiting from budgetary measures, such as “cash for clunckers” schemes and improving financial conditions,” the BNP Paribas economist noted.

Though the most forward-looking indices of the survey were well oriented, other details of the survey were less encouraging, the economist said. The survey showed that labour market conditions remained loose. “As employment follows activity with some lag, this trend is likely to continue over the coming months.”

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