Eurozone manufacturing sector sees huge boost in employment
The Eurozone manufacturing sector has seen a massive, 20-year record rise in employment, boosted by strong production growth and increased new business according to the latest IHS Markit Eurozone Manufacturing Purchasing Managers’ Index (PMI).
Seven out of eight of the European countries included in the survey reported improved business conditions. Production across the Eurozone grew the most in over six years, with the strongest new business growth in more than six years. This boosted employment in all of the Eurozone nations covered in the survey for the first time since November 2016.
David Johnson,Director at currency specialists, Halo Financial (www.halofinancial.com) commented, “Impressive growth in the sector and such a significant rise in employment has increased confidence in the face of political and economic uncertainty within the Eurozone, with positive forecasts for the coming year.”
“Optimism is near to highs last seen in January 2017, which bodes well for international trade in the coming year.”
Germany remains at the top of the rankings, showing the fastest growth in output, new orders and employment. Austria and the Netherlands also saw above average growth – although not at as a fast a rate as previous months – and growth was also reported for Ireland and Spain. Whilst France and Italy saw a slight slowing of growth – this could be following political disruption around the respective countries’ elections.
"With the PMI results showing a 73-month high, the manufacturing sector in the Eurozone is certainly signalling its intention to continue growing at pace. With Greece being the only country to record a decline in confidence, and only a slight one at that, the Eurozone manufacturing production rose at its fastest rate for six years,” comments Neil Lloyd, Sales Director at solicitors specializing in the sector, FBC Manby Bowdler.