Positive signals regarding the PMI index of the Eurozone. According to Markit's flash estimate, the composite index rose to 54,4 in November from 53,9 in October. The Eurozone Services index also grew, rising to 54,6 from 54,1 in October. Record for E19 manufacturing firms with fastest increase in activity growth rates and employment levels in four-and-a-half years. The manufacturing index rose from 52,3 in October to 52,8 in November, recording a three-month high and marking the most consistent monthly increase in orders since April last year.
“The PMI showed a welcome acceleration in eurozone growth, thus setting the entire region on course for one of the best quarterly performances in four and a half years,” said Chris Williamson, chief economist at Markit. added: "The data signaled a growth in GDP in the final quarter of the year of 0,4%, with a possible increase up to 0,5% if a slight increase were to occur in December".
Commenting on the flash results of the PMI data, Williamson also defined the improvements recorded in November as regards economic growth as "exceptional", considering that the tragic events in Paris in mid-November "weakened economic activity in France, especially in the sector of tertiary".
The weak point, observes Markit, was therefore France, where activity grew at the slowest rate in three months, due, as mentioned, in particular to the weaker growth of the tertiary sector. Manufacturing output growth also slowed despite the slightly faster increase in orders. Meanwhile, Germany's growth hit a three-month high, supported by the largest increase in new orders in two years.
The first estimate of the PMI manufacturing index, measured by Markit, indicates growth for November to 52,6 from 52,2 in October, the highest in three months. The strong expansion of the services sector continues with the index rising to 55,6 from 54,5 in October, the highest in 14 months. These values bring the composite index to 54,9 from 54,2 in October. The data is higher than market expectations.
