EUROZONE MANUFACTURING RETURNS TO GROWTH

As we’ve been saying, the European recession is coming to an end.

The data is far from stellar, but it’s clear that a corner has been turned in the numbers.

Yesterday for example, we saw that the European unemployment rate fell for the first time in years.

Today: More confirmation.

For the first time in 2 years, the Eurozone manufacturing sector is expanding, according to Markit, which conducts the PMI survey for countries around the world.

Here’s the chart that tells the big-picture story.

Screen Shot 2013 08 01 at 4.01.38 AM

And here are some breakdowns by country.

Screen Shot 2013 08 01 at 4.04.24 AM

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