RTTNews - Germany's manufacturing activity improved more than initially estimated in July, a final report from Markit /BME showed Monday.
Th Markit/BME Manufacturing Purchasing Managers' Index or PMI rose to 45.7 in July from 40.9 in June. It was also above the flash estimate of 45.2. This was the highest for ten months, but still below the neutral 50.0 mark.
A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
In July, output increased slightly, while new order volumes rose for the first time since June 2008.
Tim Moore, economist at Markit said, the record monthly rise in the PMI indicates that the German manufacturing sector stepped up a gear on the road to recovery. Output and new orders both stabilized in July, although these encouraging developments were tempered by continued sharp falls in employment and input buying.
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