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The pace of eurozone economic growth improved markedly to hit a near six-year high in February, according to PMI® survey data. Job creation was the best seen for nine and a half years, order book growth picked up and business optimism moved higher, all boding well for the recovery to maintain strong momentum in coming months. Inflationary pressures meanwhile continued to intensify.
The Markit Eurozone PMI registered 56.0 in February, according to the preliminary ‘flash’ estimate (based on approximately 85% of final replies). Up from 54.4 in January, the latest reading was the highest since April 2011. Growth accelerated in both manufacturing and services to rates not seen since early-2011, with the goods-producing sector again enjoying the faster rate of expansion.
February also saw the largest overall increase in new business since April 2011. Inflows of new work grew at the strongest rates for almost six years in both manufacturing and services, reflecting a broad-based upturn in demand. Manufacturers’ order books again received an extra boost from rising exports1 , which also swelled to the greatest extent since April 2011 due to the combination of rising demand and the weaker euro.
Markit Eurozone PMI and GDP Stronger influxes of new work meant backlogs of work accumulated at a rate not seen since May 2011, suggesting firms in both sectors lacked capacity to cater for current demand.
The increase in outstanding work occurred despite firms taking on staff at a faster pace. February saw the largest monthly rise in employment since August 2007. Service sector jobs were created at a rate not seen for nine years and factory headcounts showed the second-largest rise in almost six years.
Firms’ appetite to hire was also buoyed by improved confidence about the outlook. Business expectations about activity levels in a year’s time rose to the highest since comparable data were first available in July 2012, lifting in services though dipping slightly in manufacturing.
