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Euro Zone Manufacturing Expands in October
The Markit Eurozone Manufacturing PMI expanded in October to 54.6 up from the September 8-month low of 53.7 (+0.9) in September. This was the first expansion in 3 months. Key points noted in the report:
* Final PMI data pointed to stronger growth of output, new orders and new export orders.
* Big-three and Austria see output rise sharply, but growth was lacklustre elsewhere.
* Capital goods producers led the recovery, while consumer sector remained a brake on growth.
Chris Williamson, Chief Economist at Markit said: “An improvement in the PMI for the first time in three months provides much needed reassurance that manufacturing remains an important driver of the euro area recovery. The final manufacturing PMI data came in stronger than the earlier flash estimate, suggesting that growth picked up at the start of the fourth quarter, boosted by rising export sales. However, it is clear that the recovery has moved down a gear. The pace of expansion has eased markedly from the surging near double-digit annual pace seen earlier in the year to a more modest 3%–4%."
“Despite the overall improvement, national divergences will continue to raise tensions for policymaking. Although Greece was the only country to see manufacturing output decline, production continued to barely rise in the Netherlands, Ireland and Spain, contrasting with strong growth in Germany, France and Italy.”
(Reuters) "Euro Zone Factories Pick Up Pace": Nov. 2 - Euro zone manufacturing figures were unexpectedly up in October to 54.6 points while factory hires reached their highest level for two and a half years. Ingrid Smith reports.
About the PMI
The PMI, a manufacturing metric: A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. A PMI is generally a composite of several indexes, including New Orders, Production, Employment, Supplier Deliveries, and Inventories.
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