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Eurozone manufacturing employment rises at 20-year survey-record pace

Staff Writer | June 5, 2017
The ongoing expansion of the eurozone manufacturing sector gathered further momentum in May.
Europe construction
Europe   IHS Markit Eurozone Manufacturing PMI
Growth in output and new orders accelerated to the best seen for around six years, to underpin the strongest job creation in the 20-year survey history.

The final IHS Markit Eurozone Manufacturing PMI rose to a 73-month high of 57.0 in May, up from 56.7 in April and unchanged from the earlier flash estimate.

The PMI has signalled expansion in each of the past 47 months.

Improved business conditions were signalled in seven out of the eight nations covered by the survey.

The growth acceleration was mainly driven by a stronger expansion in Germany, where the rate of increase was the fastest in over six years.

This placed Germany atop the PMI growth rankings for the third successive month.

Austria and the Netherlands also saw rates of manufacturing expansion above the euro area average, despite seeing growth slow slightly over the month.

Accelerations were registered in Ireland and Spain, and mild decelerations in France and Italy.

Greece was the only monitored country to signal contraction in May.

However, the rate of decline was only moderate and the weakest during the current nine-month sequence of deterioration.

Eurozone manufacturing production rose at the fastest pace since April 2011, underpinned by the strongest growth of new work in 74 months.

This led to survey-record job creation, with employment rising in all of the nations covered for the first time since last November.


 

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