European Recovery Strengthens According to PMI (Reuters)
New manufacturing orders increased for the fourth month in a row in the European Community, according to the October Manufacturing Purchasing Managersâ?? Index (PMI). The final PMI for October rose to 51.3 from Septemberâ??s 51.1, in line with analystsâ?? estimates, and well above the 50 level that indicates growth in manufacturing. However, the PMI figure could have been even stronger had not the French economy contracted for October. Even though the 17-bloc nationâ??s factory production was re-approaching its most recent 26-month high recorded in August, it still trailed historic levels. For investors though, any news is good news, as far as Europe is concerned.
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