Eurozone PMI Hits 6-Year High In April
(RTTNews) - Eurozone private sector growth hit a fresh six-year high in April, survey results from IHS Markit showed Friday.
The flash composite output index rose unexpectedly to 56.7 in April from 56.4 in March. The latest reading was the highest since April 2011. Economists had forecast the score to remain unchanged at 56.4.
Growth accelerated in both manufacturing and services to the highest since April 2011.
The services Purchasing Managers' Index climbed to 56.2 from 56.0 in March. The score was forecast to drop to 55.9.
The factory PMI came in at 56.8, up from 56.2 in March. Economists has expected the index to fall to 56.0.
"The April flash PMI is running at a level consistent with 0.7 percent GDP growth, up from 0.6 percent in the first quarter," Chris Williamson, chief business economist at IHS Markit said.
"Such strong growth, if sustained, will inevitably lead to upward revisions to economists' 2017 forecasts," Williamson added.