Eurozone displaying 'steady but lackluster growth'

Staff Writer
Columbus CEO

LONDON (AP) — A closely monitored survey is showing that the 19-country eurozone economy is growing steadily but that there's no sign of any marked lift-off despite a big stimulus from the European Central Bank.

Financial information company Markit says Wednesday that its composite purchasing managers' index — a broad gauge of economic activity encompassing both the manufacturing and services sectors — rose to 53.9 points in October from the four-month low of 53.6 in September.

Anything above 50 indicates expansion and according to Markit October's figure points to quarterly growth of 0.4 percent.

Markit's chief economist Chris Williamson says the survey confirms "steady but still somewhat lackluster" economic growth.

Of the four big eurozone countries, Spain is experiencing the highest rate of growth, with France once again proving to be the laggard.