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Financial News: Eurozone Manufacturing Growth Remains Elevated In January

Eurozone Manufacturing Growth Remains Elevated In January

02/01/2018 - 04:34:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity expanded markedly at the start of the year, driven by solid expansions of both production and new orders, survey data from IHS Markit showed Thursday.

The final factory Purchasing Managers' Index dropped to a three-month low of 59.6 in January from December's record high of 60.6. However, any reading above 50 indicates expansion in the sector.

Manufacturers indicated that they were experiencing solid inflows of new business from both the domestic and export markets during January.

"Output grew at one of the fastest rates recorded over the survey's 20-year history, matched by a further near-record surge in new orders" Chris Williamson, Chief Business Economist at IHS Markit said.

Manufacturing employment rose for the forty-first successive month and the rate of jobs growth remained substantial during the month.

Germany's IHS Markit/BME manufacturing PMI dropped to a 3-month low of 61.3 in January from 63.3 in December.

Nonetheless, the latest reading still signaling one the greatest improvements in overall business conditions since the survey began in 1996.

French manufacturing activity also continued to expand strongly in January. The final PMI came in at 58.4 versus 58.8 in December.

Meanwhile, Italy's manufacturing growth quickened to a near seven-year high in January. The Purchasing Managers' index climbed to 59.0 from 57.4 in the previous month.

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