PMI from Europe and China Support Global Recovery Story

24/7 Wall St.

The elements that were needed to show that Europe's economy has started to recover, and that China's has not slowed as much as was thought during the past few months, showed up in new Markit PMI numbers.

The Markit Eurozone PMI Composite Output Index signaled the largest monthly increase in business activity for more than two years in August, according to the flash estimate. The PMI rose for the fifth successive month, up from 50.5 in July to 51.7, the highest since June 2011. The above 50 readings signal two consecutive months of rising output, in contrast to declining business levels over the prior 17 months

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As for China, Markit used HSBC data for August:

Flash China Manufacturing PMI at 50.1 (47.7 in July). Four month high

Flash China Manufacturing Output Index at 50.6(48.0 in July). Three-month high

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