Eurozone Output Expands For 11th Straight Quarter to Carve Record High

The Eurozone factory output soared to a record high in May as operating conditions improved during the month, according to IHS Markit.

• The headline PMI climbed to 63.1, the highest reading in the survey history data dating back to June 1997.
• This compares with 62.9 in April, and marks the 11th straight month of expansion after falling above the 50.0 threshold that separates expansion from contraction.
• Investment goods producers posted the strongest growth among all market groups, along with intermediate and consumer goods which both recorded an expansion.
• The growth of the manufacturing output decelerated to the slowest in three months, due to supply delays.
• Firms remained confident about the future, but eased to the lowest level in four months.
• Optimism is driven by potential opportunities as economies reopen and restrictions are eased.
• Chief Business Economist Chris Williamson believes demand will shift from goods to services as more economies recover.