News Summary: Eurozone recovery hopes mount

News Summary: Eurozone recovery hopes mount after survey shows growth in purchasing in July

Associated Press

THE NEWS: Financial information company Markit said its eurozone monthly purchasing managers' index — a broad gauge of economic activity — rose for the fourth straight month, to 50.4 points in July from 48.7 in June.

BEHIND THE NUMBERS: It's the first time in 18 months that the survey rose above 50, the threshold that separates growth from contraction. The increase was also larger than anticipated — the consensus view was 49.1.

GREEN SHOOTS: The increase in the closely watched survey reflects improvements in both the manufacturing and services sectors and has raised hopes that the laggard of the global economy — the 17-country eurozone — may be growing again.

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