Eurozone manufacturing PMI ticks higher in October

Markit’s final eurozone manufacturing purchasing managers’ index came in at 53.5 in October, up from the flash estimate of 53.3 and September’s reading of 52.6.

This marked a 33-month high and signalled the steepest rate of improvement in operating conditions since January 2014.

Growth of production, new orders, new export orders and employment all accelerated, while price pressures showed further signs of increasing.

Rob Dobson, senior economist at IHS Markit, said: “The eurozone manufacturing sector made a positive start to the final quarter. Output, new orders and new export business all rose at some of the fastest rates achieved over the past three years, building on the solid increases in quarter three and underpinning the steepest jobs growth since mid-2011.

“The broad base of the growth acceleration signalled by the headline PMI was especially pleasing.”