Eurozone services output exceeds estimates

Eurozone services output expanded more than initially estimated in September, as the 17-nation currency bloc’s economic recovery gained momentum.

An index based on a survey of purchasing managers in the services industry rose to 52.2, exceeding a Sept 23 estimate of 52.1 and up from 50.7 in August, London-based Markit Economics said. The gauge has been above 50, indicating growth, for two months.

The services data come after the eurozone economy emerged from its longest-ever recession in the second quarter and economic confidence rose for a fifth month in September. The jobless rate fell to 12% in July from a record 12.1% a month earlier, and held at that level in August.