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Eurozone manufacturing PMI hits four year high in June

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/06/2015 (15:49)
Manufacturing in the eurozone rose to the highest level in four years in June, according to a preliminary composite purchasing managers index (PMI) compiled by Markit Economics. Markit’s composite PMI, a measure of activity in the manufacturing and services sectors, increased to a reading of 54.1 in June from a reading of 53.6 in May. The June PMI also topped economists’ initial estimates, which called for a steady trend. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

The index showed that the manufacturing PMI climbed to a reading of 52.5 from 52.2 in the previous month to hit a 14 month high in June while the services PMI increased to a reading of 54.4 from 53.8 in May, recording the strongest reading in four years. The index also revealed that growth in new orders slowed both in the services and manufacturing sectors in June, posting the third straight decrease, although new orders posted the strongest rise in four years in the second quarter of this year.

Among the region’s main economies, Germany’s manufacturing PMI climbed to a reading of 54 in June from 52.6 in May, beating economists’ initial estimates which called for a reading of 52.8. France’s manufacturing PMI, meanwhile, increased to a reading of 53.4 from a reading of 52 in the preceding month, which was the highest level since August 2011.

According to Markit, France’s PMI posted its best reading on a quarterly basis in the second quarter since the third quarter of 2011. The country’s new orders recorded the fastest pace since August while employment increased for a fourth straight month in June.
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