Factory Growth Spurt Seen Globally but Europe Deviating
With the year-end approaching, the global economy is showing signs of a more firm progress, with hopeful signs from some economies, particularly Britain, of acceleration. Rising demand for manufactured goods pushed global factory activity higher last month but the spurt in the euro zone shrouded a widening disparity among some of the bloc's key members.
The growth in Europe's 17-nation currency union continues to be weak and Markit, compiler of the monthly Purchasing Managers' Indexes, mentioned on Monday that there was proof of a renewed downturn in France and Spain.
Markit's Eurozone Manufacturing PMI rose to 51.6 last month from October's 51.3, a two-year high, just piping an earlier flash reading of 51.5, and the fifth consecutive month showing growth. The output index nudged up to 53.1 from 52.9.
Ben May, at Capital Economics said, "It is coming from a pretty low level." "Signs of weakness in France are clearly a worry and suggest that the divergence between it and Germany remain firmly in place. It would raise more concerns if it were to continue or intensify."
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