Economy

Eurozone Private Sector Growth Strengthens In November

Eurozone Private Sector Growth Strengthens In November”

France's private sector expanded at the fastest pace in six-and-a-half years in November, flash survey data from IHS Markit showed Thursday.

The composite output index, which measures the combined output of both the manufacturing and service sectors rose to a 79 month peak of from 56.0, compared to expectations for 56.0.

Implying a busy end to the year, service firms built up backlogs of work at the fastest rate since May 2011, with the sub-index up from 52.9 to 53.3, pushing them to increase headcount at the fastest rate in nearly 10 years. The manufacturing sector continued to lead growth and recorded the strongest increase in production volumes since April 2011. The reading was forecast to remain unchanged at 56.0.

The factory Purchasing Managers' Index climbed to 60.0 in November from 58.5 a month ago.

"The message from the latest eurozone PMI is clear: Business is booming", said Chris Williamson, chief business economist at IHS Markit.



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