LONDON (Reuters) – The private sector activity in the euro zone accelerated to surprise this month thanks to a rise in new orders result in a more drastic cut in prices.
The composite PMI index, a combination of manufacturing and services, by Markit, compiled from interviews with thousands of companies and seen as a reliable indicator of the growth outlook, rose to 54.1 this month from 53.9 in July. Estimates of a Reuters survey anticipated a modest braking 53.8.
The index, which was released today the preliminary reading, ranks above the threshold of 50 points, which separates contraction from growth, from mid-2013.
According to the Markit senior economist Rob Dobson gave the promises to growth in the third quarter by 0.4%, in line with estimates of a Reuters poll conducted last week.
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