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Eurozone job growth ‘at four-year high’

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Eurozone companies created jobs at the fastest pace in four years last month, according to an influential survey. Employment rose for the seventh straight month in May, the survey from research firm Markit found. However, it also indicated that economic growth in the eurozone’s private sector lost steam last month.

Markit’s purchasing managers’ index (PMI) dipped to 53.6 in May from 53.9 in April. A figure above 50 indicates growth.Markit said that job creation accelerated last month in Germany, France and Spain. Job growth in Spain hit its fastest rate for more than seven years. However, the survey also showed rates of expansion in other areas slowing.

“The eurozone recovery lost some of the wind from its sales in May, with growth of output and new orders both slowing to three-month lows,” said Chris Williamson, Markit’s chief economist. He added that the weak euro was boosting manufacturing, but the still-high unemployment in the region continued to limit spending on goods and services.

Source: BBCB


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