Investing.com - Euro zone private sector activity accelerated in November, indicating that the region’s economy gained momentum in the fourth quarter, according to data released on Thursday.
The preliminary reading of the Markit manufacturing purchasing managers’ index came in 60.0 at this month from 58.5 in October. It was an 81 month high.
Economists had expected a reading of 58.3.
The services PMI rose to a six-month high of 56.2, compared to expectations for 55.1, from 55.0 a month earlier.
The composite output index, which measures the combined output of both the manufacturing and service sectors rose to a 79 month peak of 57.5 from 56.0, compared to expectations for 56.0.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
“The message from the latest Eurozone PMI is clear: business is booming. Growth kicked higher in November to put the region on course for its best quarter since the start of 2011,” said Chris Williamson, chief business economist at survey compiler Markit.
“The PMI is so far running at a level signaling a 0.8% increase in GDP in the final quarter of 2017, which would round-off the best year for a decade.”