Eurozone manufacturing rises to 10-month high in March
The latest data added to signals of an economic revival following the deceleration of the preceding year, according to some analysts. The stronger than expected expansion was attributed to a surge in new orders as a weaker euro boosted demand. New orders posted the sharpest increase since April 2014 in March, rising to a reading of 52.7 from a reading of 51.8 in February.
Across the region, the manufacturing PMI for France increased to a reading of 48.8 in March from 47.6 in the previous month while the PMI for German manufacturing beat Markit’s earlier estimate of 52.4, increasing to reading of 52.8 in March. According to the latest data, Italy’s manufacturing also climbed to a reading of 53.3 on the back of stronger demand from abroad, exceeding economists’ initial estimates calling for a reading of 52.3.
Meanwhile, a separate report showed that manufacturing in the UK saw fresh hikes to hit an eight month high in March. The final PMI for the UK rose to a reading of 54.4 in March from 54 in the previous month owing to a higher number of new orders. An index for new orders climbed to a reading of 57.9 in March from 56.4 in February.
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