Europe's manufacturing industry grew more than initially estimated in December, powered by Germany’s export-led expansion.
A gauge of manufacturing in the euro area rose to 57.1 from 55.3 the previous month, London-based Markit Economics said today. That’s above the 56.8 reported earlier for December. A reading of more than 50 indicates expansion.
Germany is driving the euro region’s recovery as reviving global growth boosts orders at companies including Daimler AG, encouraging investment and hiring. German business confidence unexpectedly improved to a record last month as declining unemployment encouraged consumer spending even as governments across the region stepped up austerity measures.
For more: European Manufacturing Expands Faster Than Estimated, Led by German Gains - Bloomberg
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