2017.12.1405:09:00UTC+00Eurozone Private Sector Growth Strongest Since Feb 2011

Eurozone private sector activity expanded at the fastest pace in nearly seven years in December, flash survey data from IHS Markit showed Thursday.

The headline composite output index climbed to an 82-month high of 58.0 in December from 57.5 in November. Meanwhile, the index was expected to fall to 57.2.

Any reading above 50 indicates expansion in the sector.

The factory Purchasing Managers' Index rose to a record high of 60.6 in December from 60.1 in the previous month. In contrast, economists had expected the index to drop to 59.7.

The services PMI increased to an 80-month high of 56.5 in December from 56.2 in the preceding month. It was forecast to decline to 56.0.

"Demand in the region's home markets is being buoyed by the improved labor market, with new jobs being created at a pace not seen for 17 years over the past two months," Chris Williamson, Chief Business Economist at IHS Markit, said.

"A revival in business confidence about the year ahead highlights how companies are shrugging off political uncertainty and instead focusing on the improving demand environment, setting the scene for a good start to 2018.