A closely watched survey shows that economic growth across the 19-country eurozone was even higher than previously thought during June, more evidence of growing momentum in the single currency bloc.
Financial information firm IHS Markit says its main purchasing managers’ index, which surveys both the manufacturing and services sectors, was at 56.3 points in June. Though that is slightly down on the previous month’s 56.8, it’s well ahead of the previous estimate of 55.7. Anything above 50 indicates expansion.
The average reading over the second quarter was 56.6, the best outcome since the first quarter of 2011. That, according to the firm, indicates healthy quarterly growth of 0.7 percent.
Perhaps the most impressive aspect of the survey is that it’s broad-based and not just isolated to Europe’s biggest economy, Germany.