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Euro zone businesses surge at fastest rate in six years
Across the euro zone businesses marked the end of the first quarter by simply ramping up activity at the fastest pace in nearly six years to meet burgeoning demand, which came notwithstanding sharper price surges, as a survey discovered.
IHS Markit's Flash Composite Purchasing Managers' Index – considered to be a good guide to growth – soared to 56.7 from February's outcome of 56.0, its highest value since April 2011. By the way, anything above 50 stands for growth.
It was above all estimates in a Reuters survey and confounded median hopes for a dip to 55.8.
Coupled with a sub-index measuring prices charged which grew to a near six-year peak of 53.3, it’s going to be welcomed by the European Central Bank, still buying 80 billion euros a month of mostly government bonds to spur inflation.
Earlier this month the ECB promised to extend its bond buying program to the end of 2017, citing poor underlying inflation as well as lackluster growth in the euro zone.
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