Eurozone economic momentum continues into 2017

IndustriesAssociated Press

A closely watched survey shows that the eurozone economy, which is made up of the 19 countries that use the euro, got off to a strong start in 2017.

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Financial information company IHS Markit says its gauge of business activity across both the manufacturing and services sectors — the so-called composite output index — held steady at a five-and-a-half-year high of 54.4 in January, still way above the 50 threshold between expansion and contraction. Even more impressive, a job creation gauge spiked to a nine-year high.

The survey comes hot on the heels of figures showing the eurozone expanded by a healthy 0.5 percent quarterly tick in the final three months of the year and several other indicators pointing to a pick-up in economic activity.