Eurozone PMI climbed to 51.3 points in October, rising from last month’s record of 51.1, Markit Economics confirmed.
“The eurozone manufacturing economy is undergoing its strongest growth period for two-and-a-half years, since the mounting uncertainty caused by the escalating sovereign debt crisis hit businesses hard in 2011.” Chris Williamson, chief economist at Markit Economics said.
“While it is in some respects disappointing that the PMI has failed to show a steeper pick-up over the last two months, the recent growth revealed by the survey indicates a marked turnaround in the health of the manufacturing economy. While the survey was signaling a 2-3% annual rate of decline in industrial production earlier in the year, a 2-3% rate of expansion is now being indicated.” Williamson said.
“However, while the recovery goes on, it is by all measures frustratingly slow. In particular, the modest gains in output and new orders remain insufficient to encourage firms to take on more staff. More encouraging indications about the recovery can be gained by looking at the increasingly broad-based nature of the upturn, and especially the fact that increasingly robust gains in production are now being seen in countries such as Spain, Italy and Ireland, to suggest that structural reforms to boost competitiveness are starting to pay off”, Williamson also commented.
Eurozone PMI – Germany & Spain PMI Climbs
The Final PMI for Germany’s manufacturing sector saw a climb to 51.7 in October, exceeding forecasts of 51.5 in a flash reading and up from 51.1 points seen in the previous month.
Meanwhile the industrial sector for Spain saw a jump in October, while the manufacturing PMI was seen above the 50-threshold for the third month in a row, advancing to 50.9 points, up from 50.7 seen in the previous month.
Eurozone PMI – France & Italy declines
Italy’s manufacturing sector declined in the month of October, as the country’s PMI dropped down to 50.7 points from 50.8 points recorded in September.
In France, the manufacturing activity dropped lower in October as the PMI in the country’s manufacturing sector edged lower to 49.1 in October, down from 49.8 seen in the previous month.
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