Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 52.2 points in May, up from April's 52.0 points and down from the earlier flash estimate of 52.3 points.
May's data signalled a modest acceleration in the rate of expansion of the eurozone manufacturing industry. The trends in both total new orders and new export business both improved, suggesting output growth should be sustained in the coming months. New business and new export orders both rose at the fastest rates in just over a year. The improved level of demand encouraged firms to take on additional staff, leading employment to rise for the ninth month running. Part of the increase in jobs reflected rising levels of outstanding business.
"The final PMI data came in slightly below the earlier flash estimate but nevertheless signalled that euro area manufacturers are enjoying their best spell of growth for a year," Chris Williamson, chief economist at Markit, said.