Eurozone economy 'energized' at third quarter's end

Markets Associated Press

A closely watched survey shows that the eurozone economy picked up steam at the end of the third quarter, reinforcing hopes about the pace of the single currency bloc's recovery.

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In a monthly survey, financial information company IHS Markit says that its main gauge of business activity struck a four-month high in September. Its so-called purchasing managers' index, which surveys activity in both the manufacturing and services sectors, rose to 56.7 points in September from 55.7 the month before. Anything above 50 indicates expansion.

Chris Williamson, the firm's chief business economist, said the survey suggests that the eurozone is poised for "impressive" quarterly third-quarter growth of 0.7 percent, with the economy "energized" by inflows of new orders growing at a 6-year high rate and expectations of future growth.