Eurozone job growth has seen a sharp rise with companies creating jobs at the quickest pace in four years last month, according to an influential survey.
The survey was created by a research firm called Markit and it found that employment rose for the seventh straight month in May. However, the survey also stated that economic growth in the private sector of the Eurozone lost steam last month.
Markit’s purchasing managers’ index (PMI) fell to 53.6 in May, which is lower than the result in April, which was 53.9. A figure that is higher than 50 indicates growth and despite the PMI result falling slightly, this is still an overall good result. Job creation increased last month in Germany, France and Spain, according to Markit. As well as this, Spain hit its fastest growth in more than seven years.
Despite this, the survey showed that rates of expansion in other areas appeared to be slowing. Markit’s chief economist, Chris Williamson, added to this and said that the weak euro was boosting manufacturing, however the still-high unemployment in the region continued to limit the spending on goods and services.