Markit's eurozone PMI steady in January

The eurozone economy kicked off the year on a firm footing, with output growth in January maintained at December’s five-and-a-half year high, and job creation at a nine-year high.

IHS Markit’s final composite purchasing managers’ index was unchanged in January from December’s reading of 54.4, but up a touch from the flash estimate of 54.3.

The headline index has been in expansion territory for the past 43 months.

The German composite PMI fell to 54.8 in January from 55.2 the month before, while France’s PMI rose to 54.1 from 53.1 in December.

Meanwhile, the final eurozone services business activity index printed at 53.7 in January, in line with December and up from the flash estimate of 53.6.

Chris Williamson, chief business economist at IHS Market, said: "The final PMI indicated marginally stronger business activity growth than the earlier flash estimate, and suggests the eurozone economy is growing at the fastest rate since mid-2011. The latest reading is comparable to GDP rising at a quarterly rate of 0.4%, indicating that the economy is starting 2017 on a solid footing.

"Meanwhile, faster growth of new business and an upturn in confidence about the year ahead to the highest since the region’s debt crisis bodes well for the robust pace of growth to be sustained in coming months.”