French Manufacturing Continues to Dissapoint

December 2, 2013 Share Print 0

Manufacturing in the euro zone accelerated at its fastest pace in two and a half years in November, helped by a ramp-up in production. But disappointing data from France and Spain added to concerns about the health of the region’s wider economy.

The Markit Manufacturing Purchasing Managers’ Index (PMI) for the euro zone came in at 51.6 in November, compared with 51.3 the previous month. A reading over 50 marks expansion.

Higher levels of manufacturing production, new orders and new export business helped the figure hits its highest level since June 2011. November’s growth marked the fifth consecutive month of expansion in the sector, and was higher than higher initial estimates of 51.5.

However, two of the euro zone’s largest economies posted a slide in activity over the month, with France’s PMI coming in at 48.4 (a 5-month low) and Spain’s falling to 48.6 (a 6-month low).

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.