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Eurozone composite PMI hits four-year high in Nov: Markit

by ChemOrbis Editorial Team -
  • 23/11/2015 (16:11)
Manufacturing and service output in the eurozone reached the highest level seen in more than four years in November, according to a composite purchasing managers’ index (PMI) compiled by Markit Economics. The composite PMI rose to a reading of 54.4 in November following a reading of 53.9 in October. The latest figure also beat economists’ initial estimates, which called for a steady reading of 53.9 in a survey conducted by Reuters. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

The increase was driven by a weaker euro, which makes European goods more competitive in global markets. An index for new export orders rose at the fastest rate in six months, posting a reading of 52.8 in November compared with October’s 52.7. The manufacturing PMI also increased to a nineteen-month high of 52.8 from 52.3 in the previous month.

For the region’s main economies, Germany’s composite PMI rose to a reading of 54.9 in November from a reading of 54.2 in the previous month. However, according to Markit, France’s composite PMI declined to three-month low of 51.3 in November from a reading of 52.6 in October based on data collected before Paris attack.
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