Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) posted 63.1 points in May, up from April’s 62.8 points and the earlier flash estimate of 62.9 points.
All three broad market groups recorded strong improvements in operating conditions in May. Investment goods producers were again the best performing, registering rapid gains in both output and new orders. The intermediate goods and consumer goods categories both saw stronger growth in the given month.
According to Markit, in May, new orders rose amid increased demand from domestic and international markets, while new export orders increased again at a historically sharp pace.
“Euro zone manufacturing continues to grow at a rate unprecedented in almost 24 years of survey history, the PMI breaking new records for a third month in a row. Surging output growth adds to signs that the economy is rebounding strongly in the second quarter,” Chris Williamson, chief business economist at IHS Markit, commented.