Markit: Eurozone PMI continue to rise in May
The PMI rose to reach 57 in May after a reading of 56.7 recorded in April and hit the highest of 73 months.
Manufacturing production in the Eurozone increased at the fastest pace seen since April 2011, led by the strongest rise in new works in 74 months. This caused the job creation to reach a record-high number and employment to rise in all of the nations in the region for the first time since November 2016.
The data showed that inflow of new business both from domestic and export markets increased and the rise in new export orders hit the record of 73 months.
The growth in PMI was mainly led by a stronger growth in Germany, followed by Austria and the Netherlands which posted growth above the region’s average despite a monthly slowdown. The growth in Ireland and Spain also increased while there was a slowdown in France and Italy’s PMI growth. Meanwhile, Greece was the only country, the manufacturing sector of which contracted in May.
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