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Eurozone manufacturing posts six month high in January

by ChemOrbis Editorial Team -
  • 26/01/2015 (15:24)
According to a preliminary purchasing managers’ index (PMI) compiled by Markit Economics, manufacturing in the eurozone improved in January. Markit’s PMI increased to a reading of 51 from a reading of 50.8 in December. January’s reading came in line with the economists’ estimates in a survey by Reuters. Any reading above 50 indicates expansion.

The upturn in the region’s manufacturing was attributed to improved conditions for factories following sharp declines in global crude oil prices as well as the European Central Bank’s (ECB’s) recent announcement of a new quantitative easing program.

Across the region, Germany’s PMI decreased to a reading of 51 compared with a reading of 51.2 posted in December. Germany’s reading also fell below analysts’ initial estimates, which called for a reading of 51.7. Data from France suggested an ongoing contraction, as the PMI was quoted at 49.5 in January compared with 47.9 in December.

Meanwhile, according to Markit, a gauge of services in the eurozone rose to a reading of 52.3 in January when compared to a reading of 51.6 in December to post a three month high. January’s reading came in slightly ahead of economists’ estimates, which called for an increase to a reading of 52.
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