The modest and fragile Eurozone manufacturing recovery continued at the start of the fourth quarter, although it remained "by all measures frustratingly slow", according to Markit chief economist Chris Williamson.
Thus, the final Eurozone manufacturing purchasing managers' index (PMI) for October edged up to 51.3, from September's reading of 51.1.
Although Markit noted that the growth was "modest overall", it pointed out that only two of the nations covered by the survey, France and Greece, saw deteriorating conditions.
At the individual country level, Ireland climbed to the top of the list, surpassing the Netherlands. Growth hit a near two-and-a-half year peak in Austria and also moved higher in Germany and Spain. However, the rates of contraction in France and Greece were the sharpest seen in four and three months, respectively.
New export orders rose for the fourth consecutive month - and remained near August's 27-month high - despite which employment in the Eurozone´s manufacturing sector declined for the 21st month in a row.
Williamson noted that despite the somewhat "disappointing" lack of a steeper pick-up in the last two months, "the recent growth revealed by the survey indicates a marked turnaround in the health of the manufacturing economy".
However, Markit's chief economist seemed daunted by the slow pace of the stabilization. "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," Williamson said.
Source: LiveCharts
Thus, the final Eurozone manufacturing purchasing managers' index (PMI) for October edged up to 51.3, from September's reading of 51.1.
Although Markit noted that the growth was "modest overall", it pointed out that only two of the nations covered by the survey, France and Greece, saw deteriorating conditions.
At the individual country level, Ireland climbed to the top of the list, surpassing the Netherlands. Growth hit a near two-and-a-half year peak in Austria and also moved higher in Germany and Spain. However, the rates of contraction in France and Greece were the sharpest seen in four and three months, respectively.
New export orders rose for the fourth consecutive month - and remained near August's 27-month high - despite which employment in the Eurozone´s manufacturing sector declined for the 21st month in a row.
Williamson noted that despite the somewhat "disappointing" lack of a steeper pick-up in the last two months, "the recent growth revealed by the survey indicates a marked turnaround in the health of the manufacturing economy".
However, Markit's chief economist seemed daunted by the slow pace of the stabilization. "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," Williamson said.
Source: LiveCharts
