A survey has shown that manufacturing activity in the euro zone held steady in April although the European currency's recent strength took its toll on exports.
The euro zone's purchasing managers' index (PMI), compiled by NTC Research, was flat in April at 55.4 points compared with March, in line with expectations. A reading above 50 indicates that the manufacturing sector is generally expanding.
As the euro rose to reach all-time highs against the dollar and the yen, new export orders grew at the slowest pace since August 2005, weighing on overall new orders which saw the weakest monthly rise in 15 months.
But manufacturers kept taking on more workers to boost capacity, pushing the rate of job creation to the highest level in six and a half years.
Separate figures from Eurostat showed that the euro zone unemployment rate slipped lower in March to 7.2%, the lowest on the agency's books going back to 1993. It marked a slight decrease from a rate of 7.3% reported for February.
