Eurozone composite PMI reaches 9-month high, with manufacturing at a record

The flash reading of the IHS Markit eurozone composite purchasing managers index rose to a nine-month high of 53.7 in April from 53.2 in March. Output has now risen for two months, after a four-month drop, with the latest expansion the second-largest recorded since September 2018. The services PMI index rose to 50.3 from 49.6, an eight-month high, while the manufacturing PMI rose to a record high of 63.3 from 62.5. “Pent-up spending, restocking, investment in new machinery and growing optimism about the outlook
have all helped fuel a further record surge in both output and new orders,” said Chris Williamson, chief business economist at IHS, in a press release.

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