RTTNews - A key indicator for Eurozone manufacturing activity increased to a 14-month high in August, rising more than initially estimated, a report by Markit Economics said on Tuesday. However, the sector continued to contract, though at a slower pace.
The final Markit Manufacturing Purchasing Managers' Index or PMI climbed to 48.2 in August from 46.3 in July. The index also stood above the flash estimate of 47.9. The final reading came in above the flash for the fifth month running.
However, the PMI is still below the neutral level of 50, showing a contraction in the sector for the 15th month in a row. A reading above 50 indicates expansion, while a reading below 50 signals contraction. This is the longest sequence of contraction in the survey history.
The manufacturing new orders increased for the first time since March 2008, while the level of new export orders stabilized in August.
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