Up is better than down

3 Oct 2013 By Edward Hadas

Economic momentum has turned clearly positive in both the euro zone and the UK. GDP growth in 2014 could surpass 2 pct. That’s nice, but it will still take years to undo the damage from the post-Lehman recession and the lingering euro crisis. Demographics make everything harder.

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The Markit/CIPS UK Services Purchasing Managers Index (PMI) for September was 60.3, down from 60.5 in August. Over the third quarter as a whole, the index averaged its highest level since Q2 1997.
The final reading of the composite euro zone Markit PMI was 52.2, higher than the first estimate of 52.1 and the August reading of 51.5.
Euro zone retail sales were 0.7 percent higher in August than in July. The average level of July and August was 2.5 percent higher than in the previous year, according to JPMorgan calculations.

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