The euro zone
manufacturing sector has carried its modest third quarter recovery into the final quarter of the year. Markit's Eurozone
Manufacturing Purchasing Managers Index (PMI) rose to 51.3 in October, up from 51.1 in September and signaled an improvement in overall operating performance for the fourth straight month. The PMI was also unchanged from the earlier flash estimate.
Among the nations covered by the survey,
France and
Greece were the only ones to register readings below 50, while the
Austria,
Germany, Ireland and
Spain saw improved PMIs. In the PMI rankings, Ireland climbed to the top, overtaking the Netherlands which slipped to second place. Growth hit a near two-and-a-half year peak in
Austria and rose higher in
Germany, Ireland and
Spain, but slowed slightly in
Italy.
Chris Williamson, chief economist at Markit, said: "The euro zone
manufacturing economy is undergoing its strongest growth period for two-and-a-half years, since the mounting uncertainty caused by the escalating sovereign debt crisis hit businesses hard in 2011."