Euro zone manufacturing PMI rises in April from March level

Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 53.4 points in April, up from March's 53.0 points and the earlier flash estimate of 53.3 points.
                      
Among the countries covered by the survey, Ireland stayed at the top of the PMI league table in
April, with its pace of expansion hitting a 38-month record. Rates of improvement also accelerated in Germany, Italy and Austria, but eased in France, Spain and the Netherlands, while Greece returned to growth.
 
Meanwhile, euro zone manufacturing production rose for the tenth successive month in April, with the rate of expansion the highest since January. At its current level, the output index from the survey is consistent with quarterly growth of official industrial production of close to one percent.
 
"The euro zone PMI paints a promising picture for the region's manufacturers at the start of the second quarter. Regardless of the divergent rates of growth, perhaps the best take-away from the April survey is  the news that all countries recorded PMI readings above the no-change level of 50, which highlights how the recovery is becoming more broad-based and therefore hopefully more sustainable, as rising demand from each member state feeds growth in other countries," Chris Williamson, chief economist at Markit, said.