Eurozone recovery hopes raised again

LONDON (AP) ? Further evidence emerged Tuesday that the economy of the 17 European Union countries that use the euro has started 2013 in far better shape than many people had expected.

Markit, a financial information group, said its monthly purchasing managers' index for the eurozone economy ? a closely-watched gauge of activity that is similar to the Institute for Supply Management's assessment in the U.S. ? rose to a ten-month high of 48.6 in January from 47.2 in December.

Though the index remains below the 50 mark that would indicate expansion, the survey does echo other findings that the eurozone economy may be over the worst. Both main pillars of the eurozone economy, manufacturing and services, are off lows, according to Markit.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-02-05-EU-Europe-Economy/id-073c8d90bf0c48deae42e4fc9c7bdc97

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