- Chris Williamson, chief economist at survey compiler Markit
Activity in the Euro zone manufacturing sector remained solid in November, albeit the pace of growth was modest, Markit Economics reported. The final manufacturing PMI for the Euro area came in at 52.8, in line with the preliminary reading and marking a 19-month high. An index measuring output, considered as a good guide to growth, increased to an 18-month high of 54.0, compared with the flash 53.9 and firmly above October's 53.6. While a sub-index measuring export orders rose to a six-month high, the output price index remained below 50 for a third month in a row. The measure came in at 49.3, above October's 48.6 but below the flash reading of 49.5. November's final PMI for Germany's manufacturing sector climbed to 52.9, up from October's final reading of 52.1 points. At the same time, the French manufacturing PMI came in slightly worse than the preliminary reading at 50.6.
A separate report showed the jobless rate in the Euro zone came in better than expected in October, with the gauge unexpectedly falling to the lowest level in four years. According to Eurostat, the unemployment rate in the 19-nation currency club booked 10.7% in the reported month, compared with 10.8% in September.
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