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Euro Zone Private Sector Output Expands Steadily

Euro Zone private sector output expands steadily - Euro zone private sector activity continued to expand steadily in October, as an uptick in manufacturing activity offset a slight decline in service sector output, according to data released on Tuesday.

The preliminary reading of the Markit manufacturing purchasing managers’ index came in at 58.6 this month from 58.1 in September.

Economists had expected a slight decline to 57.8.

The services PMI ticked down to 54.9, compared to expectations for 55.6 from 55.8 a month earlier.

The composite output index, which measures the combined output of both the manufacturing and service sectors slid to 55.9 from 56.7, compared to expectations for 56.5.

A reading above 50.0 on the index indicates industry expansion, below indicates contraction.

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Euro Zone Private Sector Output Expands Steadily