Earlier we mentioned that Spain was rallying nicely, thanks to a GDP report that indicated that the economy is barely shrinking.
It looks like France is recovering too.
A measure of industrial morale indicated 4 straight months of gains.
French industrial morale rose slightly more than expected in July to its highest in over a year, offering more evidence that a fragile recovery is taking hold in the euro zone’s second-biggest economy.
The official INSEE statistics agency said its monthly industry morale indicator improved for the fourth month in a row to reach 95, from 93 in June, beating economists’ average expectation for 94.
Though still some distance from a long-term average of 100, the increase brought the indicator to its highest point since May 2012.
An improving economic outlook prompted President Francois Hollande to declare this month that recovery is underway though unemployment remains at record high levels.
This chart, from the official report, shows the breakout in the index since the start of the year.
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