Eurozone services activity growth ticks up in October

Eurozone services PMI rose to 55.0 in October up from 54.9 in September indicating strong economic growth at the start of fourth quarter.

The Eurozone economy made a strong start to the final quarter. Although the rate of output growth eased slightly, it remained among the fastest registered over the past six-and-a-half years, while the pace of job creation was the best in over a decade.

Final Composite PMI for Eurozone decelerated to 56.0 down from 56.7 in September, but above the earlier flash estimate of 55.9. The headline index has signaled expansion in each of the past 52 months.

“The Eurozone growth spurt retained strong momentum at the start of the fourth quarter. The October headline PMI reading matched the average seen in the third quarter and puts the region on course for another 0.6-0.7% expansion in the closing quarter of 2017,” Chris Williamson, chief business economist and author of the report wrote on Monday.