01 February 2013 10:26 [Source: ICIS news]
LONDON (ICIS)--Purchasing Managers’ Index (PMI) data for January shows the eurozone manufacturing recession eased at the start of 2013, financial information company Markit said on Friday.
Markit’s seasonally adjusted Eurozone Manufacturing PMI for January climbed to an 11-month high of 47.9 from 46.1 in December last year, it added.
However, there remained wide disparities between the performances of eurozone member nations, especially between the big-two economies, Germany (49.8, an 11-month high) and France (42.9, a 4-month low), where there is a deepening manufacturing recession, Markit said.
“The survey continues to signal an overall deterioration of business conditions, but rose to an 11-month high to suggest that the industrial sector is close to stabilising after contracting throughout much of last year,” Chris Williamson, chief economist at Markit said.
“The improvement was led by Germany, which saw the strongest gain in output of all eurozone states, but rising exports are also helping to revive the manufacturing sectors of other countries, most notably Spain and Italy,” he added.
Spain had a manufacturing PMI in January of 46.1, which was an 11-month high, while Italy saw 47.8, a 10-month high.
“While the industrial sector looks likely to have acted as a drag on the eurozone economy in the final quarter of last year, deepening the double-dip downturn, the PMI provides hope that the first quarter could mark the start of a turnaround,” said Williamson.
On the PMI scale, any readings under 50.0 signal contraction.
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