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U.S. markets recover from steep losses
LONDON, Sept. 1 (UPI) -- The economies of countries using the euro as their currency grew faster than previously reported, but a slowdown appears ahead, two reports said Friday.
The European Community's gross domestic product grew 0.8 percent the first quarter of this year, up from 0.6 percent, and 0.9 percent the second quarter, unchanged, the report from NTC Economics and the Royal Bank of Scotland said.
But economic sentiment in the 12-nation eurozone deteriorated in August, suggesting "a very real danger" of a downturn, a separate report from Global Insight said.
The European Commission sentiment index fell to 106.7 from 107.8 in July, the highest level since March 2001, Global Insight said.
In addition, the eurozone's manufacturing purchasing managers index fell to 56.5 in August from 57.4 in July, NTC Economics and the Royal Bank of Scotland said.
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