Eurozone Manufacturing PMI rises to ten-month high

FXStreet (Mumbai) - The final Eurozone Manufacturing PMI for March rose to 52.2 in March, up from 51.0 in February. The flash estimate stood at 51.9. The PMI now stands at a ten-month high and the activity has expanded since July 2013.

Ireland and Spain were the top performers, while France, Greece and Austria – all saw their PMI readings remain below the neutral 50.00 mark.

The new export orders in March rose at a fastest pace since April 2014, courtesy of a weaker Euro. Manufacturing employment rose for the seventh successive month in March. The rate of job creation accelerated to a 43-month record. Input prices witnessed a modest gain in March following declines in the prior six months.

As per Chris Williamson, Chief Economist at Markit, “The final PMI reading signalled slightly stronger growth of the manufacturing economy than the preliminary reading, adding further to signs that the eurozone economy is reviving after last year’s slowdown.

This is still a fledgling recovery, however, and the overall rate of expansion remains only modest. Importantly, manufacturing is still in decline in France, Greece and Austria, acting as drags on the region’s revival.”