Eurozone manufacturing activity will pick up again this month. British market researcher Markit says this in preliminary figures. It is the first time since the corona crisis that growth has returned. Industrial activity was hit hard by the corona measures, especially in April and May, after which an ever smaller contraction was measured.
The purchasing managers index, which shows activity, came to 51.1. A reading above 50 indicates growth, below which there is contraction. The index for the services sector did even better, reaching 55.1.
In the German industry there was no more shrinkage, but also no growth. The index there came to exactly 50. Economists had generally counted on a score of 48, and thus still shrinking. Last month, the index stood at 45.2.
The German services sector also performed better than expected. Before that, Markit came out at 56.7 against 47.3 last month. Economists thought of a score of 50.5.
Activity in the French industry grew slightly less than last month with a score of 52. In June this was still 52.3. The services sector grew strongly there with a score of 57.8 compared to 50.7 last month.
Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com
