Eurozone November Manufacturing PMI Hits 20-Month High

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Tuesday, Markit Economics reported that the Eurozone Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 51.2 in November, revised up from 51 estimated preliminarily. Economists had expected the preliminary estimate to be retained, after the 50.7 reading in October. A reading above 50 indicates expansion, while one below 50 suggests contraction.

Manufacturing output increased for the fourth successive month in November, led by strong performances of the intermediate and investment goods producing sectors. In terms of constituent member states, manufacturing growth was predominantly driven by Germany and France, while production contracted further in Spain and Greece.

New orders growth hit a 27-month high in November, with the strongest gains in new business reported in Germany, France and the Netherlands. Also, new export orders rose for the fourth straight month and also at its fastest pace since January 2008, despite the ongoing strength of the euro.

Further, employment levels in the manufacturing sector fell less sharply than indicated by the preliminary estimate, with the rates of reduction particularly marked in Spain and Germany.

Tuesday, Markit Economics reported that the Eurozone Manufacturing Purchasing Managers' Index stood at a seasonally adjusted 51.2 in November, revised up from 51 estimated preliminarily. Economists had expected the preliminary estimate to be retained, after the 50.7 reading in October. A reading above 50 indicates expansion, while one below 50 suggests contraction. (Market News Provided by RTTNews)