Activity in the 17-nation euro zone's manufacturing sector continued to
shrink in January, but contracted at the slowest pace in 11 months,
according to Markit's final January purchasing-managers' index for the
sector released Friday. The index rose to 47.9 from 46.1 in December,
coming in above an earlier estimate of 47.5. A reading of less than 50
signals shrinking activity. Germany, Europe's largest economy, saw its
manufacturing PMI rise to 49.8, an 11-month high, while France sank to a
four-month low at 42.9. Spain notched a 19-month high at 46.1. "While
the industrial sector looks likely to have acted as a drag on the
euro-zone economy in the final quarter of last year, deepening the
double-dip downturn, the PMI provides hope that the first quarter could
mark the start of a turnaround," said Chris Williamson, chief economist
at Markit.
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