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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Monday. Eurozone's preliminary manufacturing PMI rose to 52.8 in November from 52.3 in October. Analysts had expected the index to remain unchanged at 52.3.
Eurozone's preliminary services PMI climbed to 54.6 in November from 54.1 in October. Analysts had expected the index to remain unchanged at 54.1.
Business activity and employment were main contributors for the rise.
Markit's Chief Economist Chris Williamson said that Eurozone's economic growth accelerated, "putting the region on course for one of its best quarterly performances over the past four-and-a-half year".
He noted that data was signalling the Eurozone's economy could expand 0.4% in the fourth quarter.
"November's slightly improved PMI reading will no doubt do little to dissuade policymakers that more needs to be done at their December meeting to ensure stronger and more sustainable growth," Williamson added.
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