Eurozone: Composite PMI rises in November
November 24, 2017
Leading data suggests that the Euro area’s momentum gained steam in November. The preliminary Eurozone Composite Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 57.5 in November, up from October’s 56.0. The result overshot market analysts’ expectations of an unchanged figure. The composite PMI lies far above the 50-threshold, signaling expanding business activity in the Eurozone.
Looking at the details, the Euro area economy appears to be firing on all cylinders, with mutli-year highs recorded in all of the main sub-indicators of the PMI. Jobs were added at a pace not seen in 17 years in October and strong new orders were recorded. The manufacturing PMI rose to the second highest level in the survey’s history and available data suggested that firms were operating at full capacity. Regarding the two largest Eurozone economies, momentum soared in France, outpacing Germany for only the fourth time in five years. Germany also saw faster growth. Elsewhere in the region, economic momentum gained steam modestly.