Money Matters - Simplified

Manufacturing turns higher in euro zone

Brussels -- Manufacturing activity in the 16-nation euro zone grew for the first time in three months in October, industry researchers at Markit said Tuesday.

The Purchasing Managers Index for the region climbed from 53.7 to 54.6, after hitting an eight-month low in September, Markit said.

Greece was the only euro zone member to see a contraction in the month with new orders dropping and manufacturing employment in decline. "Greek manufacturing production fell at the fast pace since June," the report said.

Spain and Ireland saw their PMI readings hit 50, the break even point between growth and contraction.

For the euro zone overall, employment rose for the sixth consecutive month, with Germany, the Netherlands and Austria showing the largest gains. In Spain, manufacturing employment increased for the first time since August 2007, although the increase was slight.

Copyright 2010 United Press International, Inc. (UPI).

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