Euro zone manufacturing activity expanded slightly slower than initially thought in October, as weak demand continued to restrict growth of both output and employment.
Markit’s final euro zone Purchasing Managers’ Index (PMI) for October came in at 50.6, just below initial estimates of 50.7, but above September’s 50.3 reading.
Four nations signaled expansion during October, with the Irish PMI remaining far out in front and ticking higher following a slight easing in September.
The data come after figures released on Friday showed euro zone inflation ticked up in October, bringing some much-needed relief for the European Central Bank (ECB), although the rate remained well below its target of around 2 percent.
Consumer prices rose by 0.4 percent year-on-year in October, according to official statistics published by Eurostat on Friday.
However jobless data, also published Friday, provided little cause for celebration, with the euro zone’s unemployment rate holding steady in September, at 11.5 percent.
The ECB will announce its latest monetary policy decision onThursday, and most economists are not expecting any change to interest rates,or new policy announcements.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.