Purchasing managers’ index survey points to economic pick-up across eurozone

Analysts said the survey was particularly encouraging because the signs of the economic revival were not just confined to Germany, Europe’s biggest and most robust economy.

Further evidence emerged on Monday that the economic recovery across the 17 European Union countries that use the euro is picking up and that unemployment may be peaking. 

The composite purchasing managers' index — a gauge of business activity across the manufacturing and services sectors — published by financial information company Markit rose for the sixth month running to a 27-month high of 52.1 points in September from 51.5 in August. 

That's further above the 50 threshold that indicates expansion and is the latest indicator to suggest the eurozone economic recovery is gathering pace. The rise was also bigger than anticipated the consensus of analysts' forecasts was for a far more modest rise to 51.7.