Eurozone's private sector business activity expanded at a slightly faster pace than previously estimated in October, detailed results of a survey by Markit Economics showed Wednesday. However, the rate of expansion remained weaker than that of September.

The composite output index, an indicator that measures performance of both manufacturing and service sectors, came in at 51.9, higher than the flash reading of 51.5. In September, the index stood at 52.2, a 27-month high.

This suggested that the October slowdown was less marked than originally thought, Markit said.

A PMI reading above 50 indicates expansion of the sector while a reading below 50 suggests contraction.

The services business activity index scored 51.6 in October, up from the preliminary reading of 50.9. This was lower than 52.2 in September.

New orders received by Eurozone private sector grew at a weaker pace in October, leading to further fall in employment.