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Eurozone economic growth continued to run at its fastest for six years in May, according to PMI® survey data.
Job creation also perked up to one of the strongest recorded over the past decade amid improved optimism about future prospects. Price pressures meanwhile remained elevated, albeit with some easing in input cost inflation.
The IHS Markit Eurozone PMI held steady at 56.8 in May, unchanged on April’s six-year high, according to the preliminary ‘flash’ estimate (based on approximately 85% of final replies). Business optimism about the year ahead meanwhile revived to the joint-highest in the fiveyear history of the survey’s future output question.
Manufacturing led the upturn, with output growth accelerating to the fastest in over six years. Service sector business activity growth also remained strong, easing only marginally from April’s six-year peak to underscore the broad-based nature of the upturn.
