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Markit: Eurozone PMI at highest of 69 months

by ChemOrbis Editorial Team -
  • 02/02/2017 (15:33)
According to a flash purchasing managers’ index (PMI) released by Markit Economics, the Eurozone sustained its expansion in January and hit the record of the last 69 months on the back of an improvement in business conditions supported by manufacturing activity.

The PMI rose and reachedto reach 55.2 in January after a final reading of 54.9 recorded in December. The final reading also exceeded the flash estimate of 55.1. The reading in January meant the region has continued to expand since July 2013.

In January, Eurozone manufacturing production was up for the forty-third month in a row on the back of the increase in volumes of total new business and new export orders. The growth in exports reached the highest of three years as a result of the depreciation of the euro and the improvement in global market demand.

The growth in the manufacturing sector also created further job opportunities in January, making employment levels rise at the fastest pace since April 2011 and for the twenty ninth months in a row.

According to the Markit data on January PMI, Austria, the Netherlands and Germany posted the largest growth in the Eurozone. Rate of improvement in business conditions hit a 70-year high in Austria and 3-year high in Germany while it increased in the Netherlands although it stood at a 3-month low in January.
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