Economic news was to the solid side this week with not least euro area PMIs painting a stronger picture. The main surprise came from manufacturing PMI which increased from 45.7 to 47.4 (consensus 46.1) while the service sector stayed at a decent level of 53.3. The service report highlighted the strength of the labour market with the employment index moving up to 53.7, the highest in a year and clearly above the long-term average. It points to continued employment gains in an already tight labour market. The latter…
