Eurozone job creation hits decade high: survey
Business activity across the eurozone slowed in October, a key survey showed Tuesday, but job creation hit the fastest pace in a decade as the economic recovery in Europe stayed on track.
Analysts said that while the slip in the headline readings of the survey by data monitoring company IHS Markit was disappointing, the economy remained on its best run since the eurozone debt crisis.
A purchasing managers’ index (PMI) compiled by Markit dipped to 55.9 in October after 56.7 in September, the group said in a statement.
“Job creation was a key feature of the latest survey as firms took on staff at the quickest pace in over a decade, responding to greater workloads and pressure on capacity,” said Andrew Harker of IHS Markit.
“The manufacturing sector once again led the way, posting another record rise in employment,” he added.
Eurozone powerhouses France and Germany led the growth spurt in the 19-country single currency bloc, with the French economy posting the sharpest rise in output since May 2011.
Given the latest evidence of healthy growth and falling unemployment, the ECB will be expected to announce a big reduction in its stimulus to the eurozone economy at a meeting on Thursday.
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