Eurozone private business growth picks up

Business activity across the eurozone picked up in September, a key survey showed Friday, growing by the fastest monthly rate since since May and showing economic recovery well underway.

A purchasing managers' index (PMI) compiled by Markit ticked up to 56.7 in September after 55.7 in August, the group said in a statement.

Analysts said the reading points to a sustained recovery, with some saying they may now need to upgrade their forecasts for economic growth in the single currency area.

Florian Hense at Berenberg said the September index level came in more than a full point higher than his bank's forecast, which had been in line with the overall market consensus.