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Financial News: Eurozone Manufacturing Growth At 80-Month High

Eurozone Manufacturing Growth At 80-Month High

11/02/2017 - 05:53:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity expanded at the fastest pace in more than six years in October, final data from IHS Markit showed Thursday.

The manufacturing Purchasing Managers' Index rose to an 80-month high of 58.5 in October from 58.1 in September. Nonetheless, the reading was slightly below the initial estimate of 58.6.

The headline PMI has signaled expansion in each month since July 2013. Growth of both output and new orders remained elevated, while the pace of job creation accelerated to a survey-record high.

Average input prices rose at the fastest pace in six months and output charges climbed for the thirteenth successive month in October.

"With output, demand and price pressures all rising, the survey data support the ECB's recent shift in policy towards lower asset purchases in 2018," Chris Williamson, chief business economist at IHS Markit, said.

The upturn in the bloc was again led by a strong-performing core of Germany, the Netherlands and Austria.

The headline IHS Markit/BME Germany manufacturing PMI came in at 60.6 in October, unchanged on September's 77-month high. The flash score was 60.5.

The revival of the French manufacturing sector continued at the start of the fourth quarter. The PMI held steady at 56.1 in October, which was the joint-highest since April 2011. Nonetheless, this was below the flash 56.7.

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