The Eurozone economy, which unites 19 countries of the European Union (EU) with a common currency, has set a strong start to 2017, according to the second and final reading of the survey data on private company Markit. The Purchasing Managers’ Index (PMI), which is an indicator of activity in industry and services remained stable in January to its highest level in five and a half years (54.4 points). This is significantly above the threshold of 50 points separates growth from contraction.
Even more impressive is that the index for employment jumped to a nine-year maximum.
The strong result was preceded by data showing robust economic growth of 0.5% in the Eurozone over the last three months of 2016 and several other indicators pointing to accelerating economic activity, noted in April.