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Eurozone recovery hopes mount after survey

Wednesday - 7/24/2013, 9:01am  ET

LONDON (AP) -- A closely watched survey has raised hopes that the laggard of the global economy -- the 17-country eurozone -- may be growing again.

Financial information company Markit said Wednesday that its monthly purchasing managers' index -- a broad gauge of economic activity -- for the eurozone rose for the fourth month running, to 50.4 points in July from 48.7 the previous month. The increase reflected improvements in both the manufacturing and services sectors.

That's the first time that the survey has risen above 50 -- the threshold that points to growth -- in 18 months. The increase was also more than anticipated -- the consensus in the markets was for a more modest increase to 49.1.

The eurozone has been in recession since the last quarter of 2011.

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