Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) rose to 57 points in May this year, up from April’s 56.7 points and in line with the earlier flash estimate.
Euro zone manufacturing production in May rose at the fastest pace since April 2011, underpinned by the strongest growth of new work in 74 months. This led to survey-record job creation, with employment rising in all of the nations covered for the first time since last November.
Companies reported improved inflows of new business from both domestic and export markets, with the rate of expansion in new export orders* hitting a 73-month record.
The improved performance of the euro zone manufacturing sector and expectations of brighter conditions in the future led companies to forecast increased production in one year’s time.
“The eurozone upturn is developing deeper roots as factories enjoy a spring growth spurt,” stated Chris Williamson, chief economist at IHS Markit.