News Column

Eurozone Manufacturing Expands for 3rd Month

October 1, 2013

UPI Business News

Research firm Markit Economics confirmed Tuesday that manufacturing in the eurozone expanded in September in a broad-based recovery.

Markit said the final estimate of its purchasing managers index for manufacturing in the shared currency region confirmed the previously released flash estimate, which set the PMI at 51.1. Readings above 50 indicate expansion.

Manufacturing in September expanded in each of the 17 members of the eurozone except for France and Greece, Markit said.

The manufacturing PI for the Netherlands reached a 29-month high at 55.8. The PMI in Ireland for manufacturing reached 52.7, a 14-month high.

The index for Germany, Austria, Italy, Spain and Greece all hit 2-month lows.

Austria's and Germany's PMI for manufacturing in the month was 51.1. The index came to 50.8 in Italy, 50.7 in Spain, 49.8 in France and 47.5 in Greece.

"An improvement in eurozone manufacturing business conditions for a third straight month in September sends a reassuring signal that the sector is providing an all-important lift for a region that has been besieged by recession," said Markit Chief Economist Chris Williamson in a statement.

"Even manufacturers in the region's periphery are reporting better demand for their goods.

Orders rose for the fourth month running in Spain and for the third successive month in Italy and Ireland. In the region's core, orders likewise rose for a third month running in Germany and the Netherlands and even the recent laggard France saw the first upturn in demand for just over two years," he said.

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Original headline: Manufacturing in eurozone expands for third consecutive month

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