Eurozone services PMI moved back to 4-year high

By FXStreet FXStreet (Mumbai) – The Eurozone Services Business Activity Index rose to 54.4 in August, matching June’s four-year high and slightly above the earlier flash estimate of 54.3.

The rate of expansion in new work received eased slightly to a six-month low. In contrast, job creation accelerated to its second-fastest pace in over four years. Input costs posted the slowest monthly rise since February, while the decline in the selling prices was extended to 45 months.

As per Chris Williamson, Chief Economist at Markit, “Although global economic worries have intensified in recent weeks, the calming of Grexit fears has led to an improvement in the business environment across the eurozone, pushing the pace of economic growth to its fastest for just over four years in August. The PMI is indicating euro area GDP growth close to 0.4% in the third quarter, a solid albeit unspectacular rate of expansion.”
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Source:: FX Street