Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) posted 62.5 points in March, up from February’s 57.9 points and increasing compared to the earlier flash estimate of 62.4 points.
All three broad market groups recorded a month-on-month strengthening of operating conditions in March. Growth rates were also higher in all instances, although gains were especially strong amongst investment and intermediate goods producers with series record highs seen in each case during March.
According to Markit, the euro zone manufacturing PMI was driven by higher output and new orders in March. A general strengthening in demand, on the back of increasing confidence about future economic conditions, helped to drive the record increases in output. New export orders rose for a ninth successive month and at a series record pace.
“Euro zone manufacturing is booming, with production and order books growing at rates unprecedented in nearly 24 years of PMI survey history during March. The recent expansion of output means production in the euro zone is likely to have surpassed its pre-coronavirus peak, and hiring has already accelerated markedly as producers seek to build additional capacity to meet higher demand,” Chris Williamson, chief business economist at IHS Markit, commented.
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