Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Eurozone business picks up

BRUSSELS, May 21 – Business activity in the 16 countries using the euro hit an eight-month high in May, a survey showed on Thursday, giving a boost to the euro and hopes that the worst of the slump may be easing.

The eurozone\’s purchasing managers\’ index (PMI), compiled by data and research group Markit, rose to 43.9 points in May from 41.1 points in April, according to a first estimate.

The index hit a record low of 36.2 points in February.

The latest figures, although an improvement, remain below the boom-bust line of 50 points for a 12th consecutive month in the recession-hit eurozone economy.

The outcome "is another sign of a clear pick-up from the record fall in output seen in the first quarter," Markit chief economist Chris Williamson said.

While companies continued to cut jobs for an 11th consecutive month, the rate of lost jobs eased for the first time since the beginning of the crisis, even if the improvement was only slight, Markit said.

Williamson said this was an "encouraging" development.

The service sector PMI rose to 44.7 points in May, its highest level in seven months, from 43.8 points in April.

For manufacturers, the PMI jumped to 40.5 points, another seven-month high, from 36.8 points en April, with the gain the largest on record.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...