By Mathew Katz

We've got more signs today that Europe is entering a recovery. A couple major indexes of the European economy unexpectedly crossed into growth territory, according to data released today by financial information company Markit Economics.

The German service industry purchasing manager's index (or PMI), a gauge of private-sector activity, rose to 54.1 from 48.1 last month. The French manufacturing index jumped from 48.1 in July to 50.2 in August. Readings above 50 indicate industry growth. European stimulus spending was likely a factor in the growth, which is seen as a sign of broader global recovery.

Those two readings -- representing the euro zone's two largest economies -- drove a rise in the composite index of the service and manufacturing industries of all 16 countries in the euro zone. That figure, the Euro Zone PMI, jumped to a 15-month high of 50 in August.

categories: Europe's Financial Crisis

10:14 - August 21, 2009

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