LONDON – A survey indicates that business activity across the 19-country eurozone accelerated in November to its fastest growth rate this year.
The initial estimate of the purchasing managers' index, compiled by IHS Markit, rose to 54.1 points from 53.3 in October. The figure is on a 100-point scale, with the 50 threshold separating growth from contraction.
Details from the index, which measures the services and manufacturing sectors, shows companies' order books are growing, prompting them to hire more and charge slightly higher prices.
Chris Williamson, chief business economist at IHS Markit, says there are "plenty of signs that growth will continue to accelerate." He says the survey points to quarterly economic growth of 0.4 percent, with a good performance in both Germany and France, the eurozone's biggest economies.