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PMI & GDP Eurozone (Q1-2017, April 2017)
Eurozone PMI shows growth a six-year high! The eurozone's private sector has posted its best quarter since the start of the financial crisis.
WrapUp: Data firm Markit reports that Eurozone output and new order growth accelerated to near six-year records in March 2017!
The report found that:
♦ March saw the strongest inflows of new business into the eurozone economy since April 2011.
♦ Employment growth was the sharpest in over nine- and-a-half years.
♦ Price pressures remained strong in March. Input cost inflation was close to February's 69-month record, reflecting rising global commodity prices and the historically weak euro exchange rate.
♦ Business optimism rose to a fresh series-record high, improving at service providers and remaining relatively elevated at manufacturers too.
Markit's Chris Williamson says the report signals an "impressive" rate of economic growth:
"This is a broad-based upturn among the euro’s largest members, with 0.6% growth signalled for both Germany and France, while Spain looks set to have enjoyed 0.8-0.9% growth in the first quarter, according to the PMI data. Growth has also perked up in Italy during the first quarter despite a slight pull-back in March, with the surveys indicating a 0.3-0.4% expansion.
Most welcome for a region still suffering near- double digit unemployment is a rise in the survey's employment index to its highest for almost a decade, suggesting we should expect to see the jobless rate fall further in coming months."
