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Eurozone Businesses Growing at fastest rate for 6 Years

1,160 views · Published 26 March 2017 · 5:23 · Indexed 31 October 2026

Channel: The 2% Brief · 2017 · People & Blogs

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Eurozone Businesses Growing at fastest rate for 6 Years 

Today is Sunday 26th March 2017 and we are commenting on the latest report which shows that Eurozone Businesses are growing at an accelerating pace.

Eurozone businesses grew at the fastest rate in nearly six years in March, led higher by France and Germany according to the latest Markit Composite Purchasing Managers' Index (PMI) published on Friday. The PMI  rose to 56.7 from February's reading of 56. A score above 50 indicates growth.

The report’s authors commented that Europe’s recovery was "surging higher" and that “Job creation was at its best level for almost a decade.”

The PMI measures companies' trading activity, giving a good idea of how well the underlying economy is performing.

The report highlighted that the growth was primarily fuelled by strong performances from France and Germany's services sectors and this showed that domestic demand was improving.

Of course Greece is a blight on the landscape and the European economies are not out of the woods yet. However this survey does at least show an improving trend, which flies in the face of the naysayers who constantly talk the world economies down. 

We suspect that interest rate rises will be considered but certainly not before the forthcoming French Presidential elections, the outcome of which is far from certain.

On the negative side we must not lose sight that; the Eurozone youth unemployment rate is one in five, and it's a lot higher than that in several countries. Also, the Euro economy is supported by the ultra-easy money policies of the European Central Bank, negative interest rates and quantitative easing.

However an improving job situation and slowly rising inflation removes the fears that persisted a year or so ago about the negative impacts of deflation. The issue now of course will be how to continue this improvement and at the same time keep inflation in check.

These are just small paces forward and not a great leap. There are many potential black swans on the horizon, however, as we have stated since the beginning of this channel things are never as good as the politicians would have you believe, or as bad as the gold and silver pumpers forecast. What is important to take note of, is not the underlying figures, but the trend, and for now, in the US, Europe and much of Asia and many developing nations the trend is positive – albeit at a much lower level that a few years ago. 

The impact on gold and silver prices therefore will be downward pressing against a potential rising because of political uncertainty and the prospect of military conflicts. One thing we are confident of however, is that long term silver has a strong future, either because of an improvement in Industrial usage or as a hedge in line with gold as a monetary metal. Whilst we see no major surge ahead over the next couple of years, we can foresee gradual improvement, which quite frankly is great for those who have yet to accumulate more of the precious metal. 

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