The euro zone's economic recovery moderated slightly in August, but companies are optimistic about the coming months. That's despite an ongoing divergence in growth rates between member countries.
The Eurozone Flash Composite Purchasing Manager's Index, which gauges activity in thousands of services and manufacturing companies, fell from 56.7 to 56.1 in August, a slightly bigger fall than expected. But it remained well above the 50 mark that divides growth from contraction.
Analysts say the manufacturing-led decline in the August composite PMI confirms that the euro zone is far from immune to the U.S.-led slowdown in global growth momentum.