Eurozone manufacturing hits 16-month high
MANUFACTURING in the Eurozone hit a 16 month high last month with the rates of contraction in output and new orders easing.
Purchasing Managers Index rose in all countries except Germany.
The Investec PMI for the 17-member euro area rose to 48.8 in June, up from 48.3 the previous month.
But despite the positive news, the headline rate remains below the 50 mark, with anything over the figure indicating expansion while below it represents contraction.
The PMI measures the health of the economy in a single figure scale and is considered one of the most important measures of economic growth.
The figures come after Irish PMI climbed to 50.3 in June, up from 49.7 in May.
The UK PMI rose to a two year high, rising to 52.5, reflecting stronger domestic conditions and demand overseas.