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The European Union’s growth rebound continues with the region’s overall PMI coming in better than expected, according to Bloomberg.The Markit index of combined manufacturing and services PMI for October beat out early month estimates, coming in at 53.8 rather than 53.4. That’s still below September’s 54.1.
But, the real story is in manufacturing. That index has increased, month-over-month, to 54.6 from the previous 53.7.
So the European recovery is clearly more about exporting than consumption. And with Germany at the heart of that recovery, it’s no surprise.