Eurozone Workforce Grows as Economy Gathers Momentum

The euro-area economy maintained its strong momentum at the start of the final quarter of this year, with rising workloads encouraging companies to take on new staff at the sharpest pace in more than a decade. A Purchasing Managers’ Index for manufacturing and services slipped to 55.9 in October from 56.7 in September, IHS Markit said on Tuesday. Economists surveyed by Bloomberg predicted the measure would drop to 56.5.

While the reading weakened to a two-month low, job creation in manufacturing rose to the highest level since data collection started in 1997, reflecting strong order inflows that were buoyed by export demand. Service-sector employment also strengthened.

Source: Euro-Area Companies Expand Workforce as Order Growth Picks Up – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.