Eurozone composite PMI hits more than six-year-high

According to a flash purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone registered the largest expansion seen over the past six-and-a-half years in November. A faster manufacturing output growth combined with improved services growth contributed to this expansion.

The composite PMI rose to a reading of 57.5 from a reading of 56 in October, its highest since April 2011.

New orders showed the biggest increase since February 2011 while goods exports surged at a record pace.

The manufacturing PMI rose to its highest levels since June 1997 and was reported at 60.1 in November from a preliminary reading of 60 while services PMI increased to 56.2 from 55.0 in October.

Meanwhile, France’s and Germany’s economies continued to grow robustly while the rest of the eurozone recovered from last month’s nine-month low. Germany’s manufacturing PMI rose to 62.5 from 60.6 in the previous month while France’s manufacturing PMI accelerated to 57.7 amid an improving manufacturing sector in the country.