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Financial News: Eurozone Manufacturing Growth At 74-Month High

Eurozone Manufacturing Growth At 74-Month High

07/03/2017 - 04:25:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity expanded at the fastest pace in over six years in June and exceeded the initial estimate, reflecting improved performances across major economies.

The final manufacturing Purchasing Managers' Index rose to 57.4 in June from 57.0 in May, final data from IHS Markit showed Monday. The score was slightly above the flash estimate of 57.3.

The PMI has now remained above the neutral 50.0 mark throughout the past four years.

"At current levels, the PMI is indicative of factory output growing at an annual rate of some 5 percent, which in turn indicates the goods producing sector will have made a strong positive contribution to second quarter economic growth," Chris Williamson, chief business economist at IHS Markit, said.

The strongest rates of improvement in operating conditions were recorded in Austria, Germany and the Netherlands. Growth also accelerated in France and Italy.

The German manufacturing sector continued to grow at the strongest rate in over six years.

Germany's headline IHS Markit/BME PMI rose unexpectedly to 59.6 in June from 59.5 in May. The PMI rose for the sixth time in seven months. The initial estimate was 59.3.

The French factory PMI posted 54.8 in June versus 53.8 in May. The score was only just shy of April's six-year high, Markit said. However, the flash reading was below the score of 55.0.

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