Eurozone economy picks up further steam at start of 2018

LONDON — A closely watched survey shows that the 19-country eurozone economy, which grew at a decade-high rate in 2017, pushed up another gear in the new year.

Financial information company IHS Markit says Monday that its main gauge of business activity across manufacturing and services struck a near 12-year high in January — the so-called composite purchasing managers index rose to 58.1, its highest since June 2006, from 58.1 the previous month. Anything above 50 points to growth.

The firm says that, if repeated in February and March, the eurozone could be headed for quarterly growth of 1 percent, which is way above the bloc's long-run average.

The upturn is broad-based across sectors and countries and is feeding through to higher job creation.

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