Eurozone composite PMI surges to 6-year-high in November

According to a flash purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the Eurozone reached at its highest level since April 2011. The increase was mainly driven by the growing manufacturing sector, which rose to its highest levels in 6 months.

The composite PMI rose to a reading of 57.5 from a reading of 56 in October, leaving the expectations of a stable reading behind. A reading above 50.0 signals an expansion in activity.

Manufacturing activity grew at the fastest pace in six and a half years as new orders were boosted by the fastest jump in exports since February 2011. The manufacturing PMI rose to 60 from 58.5 in October. The services PMI also rose from October’s 55 to a six-month-high of 56.2 in November.

According to the data, France’s economic growth surged to its highest levels since 2011 and its services PMI jumped to 60.2 from 57.3, defying the economists’ expectations of a decrease to 57. Meanwhile, Germany’s factory PMI rose to 62.5 from 60.6 in November, reaching to a more than 6 year-high. The country’s services PMI also grew to 54.9 from 54.7 a month ago.