LONDON – A closely watched barometer of the 19-country eurozone economy shows growth in February running at a seven-month high, the latest in a string of evidence suggesting the region's recovery is gaining momentum.
Continue Reading Below
Financial information company Markit says Wednesday its purchasing managers' index — a broad gauge of economic activity — rose to 53.3 points in February from 52.6 the previous month.
Though down from the initial estimate of 53.5, the index is at its highest level since July. Anything above 50 indicates expansion.
Chris Williamson, Markit's chief economist, says February was notable as it was the first time since April that all four of the largest eurozone economies — Germany, France, Italy and Spain — recorded an expansion in business activity.
The outlook "has brightened for all countries," he says.