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Markit: Eurozone March PMI at highest of 6 years

by ChemOrbis Editorial Team -
  • 04/04/2017 (13:34)
According to the purchasing managers’ index (PMI) released by Markit Economics, the Eurozone sustained its expansion in March and hit a 6-year-high on the back of stronger inflows of new work from domestic and export clients.

The PMI rose to reach 56.2 in March after a final reading of 55.4 recorded in February and was in parallel with the flash estimate. The PMI reading of 55.6 for the first quarter was also the highest since the first quarter of 2011.

The data showed that new export business continued to improve in the area in March for the forty-fifth month in a row and hit six-year-high, which was attributed to the improvement in global market conditions as well as the weak euro exchange rates.

Also, Eurozone manufacturing employment rose for the thirty first months in a row in March and the pace of job creation gained the speed it lost in February to reach a six-year-high.

The data showed that Germany, the Netherlands and Austria posted the largest growth during the month, with Germany hitting a 71-month record of 58.3.
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