German Ifo hits record, euro-zone PMI rises

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German Ifo hits record, euro-zone PMI rises (by William L. Watts)

LONDON (MarketWatch) -- Private-sector activity across the euro zone accelerated at its fastest pace since July 2006 in February, while a gauge of German business confidence continued to press into record territory, data showed Monday. The Markit purchasing managers index for the region rose to 58.4 from 57.0 in January. Economists had forecast the index to slip to 56.9. A reading of more than 50 indicates an expansion in activity, while a figure of less than 50 signals contraction. Separately, the Ifo Institute's index of German business confidence rose to a record 111.2 from a reading of 110.3 in January, news reports said. Economists had forecast an unchanged reading of 110.3.

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