Euro zone manufacturing PMI falls in Feb from Jan level

Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 53.2 points in February, down from January's 54 points and was up from the earlier flash estimate of 53.0 points. The February figure indicates a modest slowdown in the rate of expansion from January's 32-month high, but still marks the eighth successive month of recovery in the manufacturing sector.
                      
Among the countries covered by the survey, the Netherlands returned to the top of the PMI league table in February. Also, the Netherlands, Ireland and Spain recorded a faster rate of expansion than in January. Germany and Austria remained among the strongest performers, while Italy also continued its recovery. Although France remained at the bottom of the table, France's manufacturing PMI rose to a five-month high of 49.7 in February, up from the flash reading of 48.5.
                             
Chris Williamson, chief economist at Markit, said, "Despite the February fall, the survey remains consistent with industrial production growing at a robust quarterly rate of 1.0 percent in the first quarter, meaning manufacturing is on course to provide a substantial boost to the overall economy. Gross domestic product looks set to rise by 0.4-0.5 percent in the first three months of the year, assuming the recovery does not lose further momentum in March."