Manufacturing in eurozone shows modest growth

Dec. 2, 2013 at 11:56 AM
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BRUSSELS, Dec. 2 (UPI) -- Manufacturing in the eurozone expanded in November, but not enough to stop an erosion of manufacturing jobs, Markit Economics said Monday.

Despite an increase in output and in new domestic and export orders, employment in manufacturing continued to slide with the 22nd consecutive month of employment deterioration, Markit said.

The overall purchasing managers index for manufacturing in the shared currency region came to 51.6, a few ticks higher than the 51.3 level in October and one tick above the flash estimate of 51.5 released two weeks ago.

PMI readings above 50 indicate expansion.

The PMI for several nations was encouraging, Markit said, pointing to a 31-month high in the Netherlands at 56.8, a 30-month high in Austria at 54.3 and a 29-month high in Germany at 52.7.

Manufacturing contracted in Greece, Spain and France, but hit a 51-month high in Greece at 49.2.

The PMI in Ireland remained positive at 52.4, but that represented a three-month low for the country, Markit said.

"The November manufacturing PMI surveys bring good news on the whole, but suggest there's still a

lot to worry about in terms of the health of the eurozone economy," said Markit Chief Economist Chris Williamson said in a statement.

"Overall, manufacturing across the region is enjoying its best performance for two-and-a-half years, but the pace of growth remains only modest," he said.

"The most promising recovery signs are largely confined to northern countries, with strong growth

being recorded in Germany, the Netherlands and Austria. More southerly countries continue to

disappoint, though, especially France and Spain, where renewed downturns are evident," he added.

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