Eurozone manufacturing PMI moves up slightly in April

According to a final purchasing managers’ index (PMI) compiled by Markit Economics, manufacturing activities in the eurozone rose to a reading of 51.7 in April from March’s reading of 51.6. April’s reading exceeded the flash estimate of 51.5. Any reading above 50 represents an expansion while any reading below 50 indicates a contraction.

The data showed that stimulus measures from the European Central Bank and a weaker euro have not led to any major improvement in the eurozone’s manufacturing sector, according to some economists. The eurozone economy grew 0.6% on a quarterly basis in the January-March period. Although the quarterly growth rate was above expectations, inflation fell below zero for another month due to a decline in energy prices.

Across the region, manufacturing growth was strong in Italy and Spain in April. Germany’s manufacturing activity also gained momentum while activity in France weakened to the lowest level for the past 12 months.

The output price index rose to a reading of 47.4 from March’s 47.1, missing initial estimates of 47.7.