Survey points to economic pick-up, job stabilization across euro nations


AP

LONDON — A closely watched survey suggests that economic growth across the 17 European Union countries that use the euro is picking up and that employment is stabilizing.

The composite purchasing managers’ index — a gauge of business activity across the manufacturing and services sector published by financial information company Markit — rose to a 27-month high of 52.1 in September from 51.5 in August. That’s above the 50 threshold that indicates expansion and is the latest economic indicator to suggest the eurozone economic recovery is gathering pace.

In the second quarter of 2013, the eurozone grew by 0.3 percent compared with the previous three-month period. Before that it had contracted for six consecutive quarters — its longest recession since the single European currency was launched in 1999.