The Economy

Eurozone Manufacturing Hits 11-month Peak

Aug. 3, 2009

Fifth straight monthly rise

Manufacturing activity in the 16 countries using the euro rose to the highest level for 11 months in July, a survey showed on August 3, in a sign of improved economic health for the eurozone.

The index of purchasing managers' activity in the manufacturing sector (PMI) rose to 46.3 points, higher than a previous estimate of 46 for the month of July in the analysis compiled by the Markit survey company.

The new level was a major increase from June when it was at 42.6 points and marked a fifth straight monthly rise in the index.

The index however still indicates a recession as it remains below a threshold of 50 which would mean a return to growth.

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