Rise in eurozone services index signals possible pick-up in economy

Eurozone services expanded in August for the first time in 19 months after the 17-nation bloc’s economy emerged from a record-long recession.

An index based on a survey of purchasing managers rose to 51 from 49.8 in July, London-based Markit Economics said yesterday. A reading above 50 indicates expansion.

GDP in the region rose 0.3% in the three months through June after six quarterly contractions. The expansion was led by Germany and France. At least four euro countries remain in recession, including Italy and Spain.