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1 Jun 2015
Eurozone manufacturing PMI rises slower than expected in May
FXStreet (Mumbai) - The final seasonally adjusted Eurozone Manufacturing PMI printed at 52.2, matching March’s ten-month high but printing lower than the initial estimate of 52.3.
The rate of expansion in activity ticked lower, however, new business and new export orders both rose at the fastest rates in just over a year. This encouraged firms to employ more staff, thereby leading to employment gains for the ninth month running.
Input prices rose for the third month running and to the greatest extent since April 2012, although average output charges were unchanged since April.
As per Chris Williamson, Chief Economist at Markit, “The final PMI data came in slightly below the earlier flash estimate but nevertheless signalled that euro area manufacturers are enjoying their best spell of growth for a year. The survey data point to a quarterly rate of industrial growth of approximately 0.5%. This should help drive GDP higher in the second quarter, perhaps matching the 0.4% rise seen in the first three months of the year.”
The rate of expansion in activity ticked lower, however, new business and new export orders both rose at the fastest rates in just over a year. This encouraged firms to employ more staff, thereby leading to employment gains for the ninth month running.
Input prices rose for the third month running and to the greatest extent since April 2012, although average output charges were unchanged since April.
As per Chris Williamson, Chief Economist at Markit, “The final PMI data came in slightly below the earlier flash estimate but nevertheless signalled that euro area manufacturers are enjoying their best spell of growth for a year. The survey data point to a quarterly rate of industrial growth of approximately 0.5%. This should help drive GDP higher in the second quarter, perhaps matching the 0.4% rise seen in the first three months of the year.”