Eurozone’s Manufacturing PMI Touches Record High in April
Manufacturing activity across the Eurozone soared to a record high during the month of April on the back of increased demand and a surge in hiring activity, although the sector faced some supply-related challenges. The Markit final manufacturing PMI for the Eurozone improved to 62.9 in April from 62.5 in the previous month.
While the reading showed an increase in activity across the manufacturing sector, the final reading did come in below the preliminary flash figure which revealed an increase to 63.4 instead. However, April’s reading was the highest seen since 1997, when the survey first began.
Germany, Eurozone’s most powerful economy, saw continued expansion in its manufacturing sector; although the pace of expansion slowed down in the month of April. The German manufacturing PMI dipped from 66.6 in March – a record high, to 66.2 in April, coming in below the flash reading of 66.3 for the month as well.
While the sector across Germany and the Eurozone overall is enjoying an increase in new orders owing to pent-up demand among consumers, disruptions in global supply chains driven by the coronavirus pandemic is driving challenges in turning around orders. For instance, several manufacturers have been affected by the global chip shortage and are finding it hard to procure other key raw material from overseas consistently.
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