Manufacturing activity across the euro zone expanded for the first time since early 2019 last month as demand rebounded after more easing of the restrictions imposed to quell the spread of the new coronavirus, a survey showed on Monday.
FILE PHOTO: A steel worker of Germany's industrial conglomerate ThyssenKrupp AG stands a mid of emitting sparks of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany. Picture taken January, 28, 2019. REUTERS/Wolfgang Rattay/File Photo
To offer support to the ravaged economy, the European Central Bank has ramped up its stimulus measures and European Union leaders have agreed on a 750 billion euro recovery fund. Factories appear to be playing their part in the recovery. IHS Markit’s final Manufacturing Purchasing Managers’ Index bounced to 51.8 in July from June’s 47.4 - its first time above the 50 mark that separates growth from contraction since January 2019. An initial “flash” release had it at 51.1.
“Euro zone factories reported a very positive start to the third quarter, with production growing at the fastest rate for over two years, fuelled by an encouraging surge in demand,” said Chris Williamson, chief business economist at IHS Markit.
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