European factories avoid contraction
The euro-area economy may have moved one step away from another contraction.
A Purchasing Managers Index for the manufacturing industry unexpectedly rose to 50.7 in October from 50.3, London-based Markit Economics said on Thursday. Economists surveyed by Bloomberg News predicted a drop to 49.9. A reading below 50 indicates contraction. A measure for services held at 52.4.
The numbers suggest that the Euro area "has so far avoided a slide back into recession this year," said Chris Williamson, chief economist at Markit in London.
A Purchasing Managers Index for the manufacturing industry unexpectedly rose to 50.7 in October from 50.3, London-based Markit Economics said on Thursday. Economists surveyed by Bloomberg News predicted a drop to 49.9. A reading below 50 indicates contraction. A measure for services held at 52.4.
The numbers suggest that the Euro area "has so far avoided a slide back into recession this year," said Chris Williamson, chief economist at Markit in London.
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First Published: Oct 23 2014 | 9:23 PM IST