Euro zone overall business growth held steady in August, PMI shows

"August's PMI data puts the euro area on track for a solid quarter of growth in Q3. Momentum in the industrial economy has picked up nicely and the service sector has shaken off the initial weakness seen after energy prices surged at the start of the Middle East war," said Joe Hayes, senior principal economist at S&P Global Market Intelligence.

New business in the services industry — a key gauge of demand — rose solidly again in August, though the gain was driven by domestic sales as overseas orders fell. Still, stronger demand for manufactured goods meant overall private sector export orders rose for the first time in four-and-a-half years.

Services employment grew at its fastest pace in eight months, extending a positive trend in place since June. Across the private sector as a whole, August marked the first month of net job creation this year.