Eurozone production reaches two-year high

Manufacturing in the eurozone recached its highest level in more than two years in August.

Markit’s Flash Composite Purchasing Managers’ Index (PMI) showed business activity across the eurozone picked up at a faster pace than expected, with the index rising to 51.7 from last month’s 50.5.

A reading above 50 shows expansion, under 50 indicates manufacturing is contracting.

The August figure was the highest since mid-2011.

“If the eurozone is picking up then that bodes well for the global economy,” said Chris Williamson, Markit’s chief economist.

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