Global stock markets were hit yesterday by concerns over growing turmoil in
A broader measure of activity across the eurozone dropped to 52.8 points from 53.5 in May, indicating growth continued in the second quarter, but at modestly. A rating above 50 represents expansion.
That weakness was emphasised by financial data firm
"The further weakening of the PMI vindicates the ECB's recent decision to implement further monetary easing and will keep fears of a Japanification of
Earlier, a similar report in
The US manufacturing sector also grew faster than expected in June, reaching levels unseen in four years, according to a key industry report.
After shaking off the after-effects of the US's unusually harsh winter,
"The strong reading also rounds off the best quarter for factories for four years, adding to indications that the US economy rebounded strongly in the second quarter from the weather-related weakness seen at the start of the year," said
At the end of May, the commerce department said the US economy shrank at an annual rate of 1% in the first quarter, dragged down by the freezing winter. It was the first time in three years there had been a contraction in US GDP - the broadest measure of the economy's health.
Williamson said the report pointed to a strong bounceback and that GDP should now rise 3%. "Hiring also continued at a robust pace as firms boosted capacity in line with the strong demand, broadly consistent with factories taking on another 12,000 staff during the month," he said.
A toy factory in Ganyu in
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