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Markit: Eurozone PMI at highest of 70 months

by ChemOrbis Editorial Team -
  • 03/03/2017 (15:33)
According to the purchasing managers’ index (PMI) released by Markit Economics, the Eurozone sustained its expansion in February and hit a 70-month-high on the back of an improvement in business conditions supported by manufacturing activity.

The PMI rose to reach 55.4 in February after a final reading of 55.2 recorded in January, although it stood slightly below the flash estimate of 55.5.

The data showed that the manufacturing sector and new orders increased at the fastest rate since April 2011. This was mainly driven by solid domestic demand in many markets and the contribution of the weak euro to the fastest growth of new export business of six years.

The rise in production and new work enabled more job creation in the month of February. As a result, employment was up for the thirtieth month in a row, although it was slightly down from January’s high.

The data showed that all countries in the region, except Greece, posted growth. In the meantime, the Netherlands, Germany and Italy recorded the highest PMI score of 58.3, 57.2 and 56.8 respectively. The Netherlands hit 70-month high while Germany recorded the highest reading of 69 months.
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