The Euro-zone manufacturing PMI climbed to 51.0 in November from 50.7 in October, its highest level since March 2008, according to preliminary data. The index was pulled higher by moves higher in output, new orders and exports. Those gains came despite a strong euro, which makes European exports more expensive. The output index rose to 54.6, the highest level since September 2007, a huge 22 points higher than it was at this time last year.

The Euro-zone saw its services sector PMI rise to 53.2 in November from 52.6 in October. It’s the third month that the index has been above the 50 level which separates contraction from expansion, and is the highest its been since November 2007. The figure beat forecasts. France saw its services sector PMI climb to 60.4 from 57.7, while Germany increased to 51.5 from 50.7. Still, the chief economist at Markit which puts out the release, said that while the euro-zone economy will show growth in the 4th quarter, the data suggests that the third quarter may have been a peak and that there will be subdued growth as we head into next year.

The composite index, which puts both the manufacturing and services indexes into one, rose to 53.7 from 53.0 in October, the highest level in two years. Employment however remains sluggish. The composite employment index touched 45.5 last month from 45.4 in October, the 17th straight month that jobs have been lost.